Dazzling debut for Edelweiss

Edelweiss Capital, the investment banking-cum-institutional brokerage house, made a sizzling debut on the stock market on Wednesday with the stock soaring by 75 per cent from the issue price on listing. The stock closed at Rs 1,510, almost double the issue price of Rs 825.

In the process, the Mumbai-headquartered Edelweiss, founded by Rashesh Shah and Venkatchalam Ramaswamy has become the second most valuable brokerage house in India with a market capitalisation of about Rs 11,310 crore, after Indiabulls Financial Services (Rs 20,193 crore).

Edelweiss on Wednesday recorded the most impressive performance by a broking firm stock on its opening day so far. The most recent brokerage listing was by Motilal Oswal Financial Services, which saw its stock price rising by 21 per cent over its offer price on debut.

The sterling performance of the Edelweiss Capital stock has not just boosted its financial investors' confidence, but it has also added four more to the list of crorepati-shareholders.

Shah, the 45-year-old chairman, CEO and managing director of the company, has become richer by Rs 1,636 crore based on the 10.84 million shares or 13.29 per cent stake he holds.

Similarly, Venkatchalam Ramaswamy, the 41-year-old executive director and head of investment banking, too is smiling all the way to the bank as his holding of 5.27 million shares or 6.47 per cent in the company makes him worth Rs 797 crore.

Their wives, Vidya Shah and Aparna T C, are now richer by Rs 453 crore and 181 crore respectively, based on their holdings in the company.

BOOM TIME

The stock soared 75 per cent on listing to close at Rs 1,510, almost double the issue price of Rs 825

Edelweiss has become the second most valuable brokerage in India with an m-cap of Rs 11,310 crore, after Indiabulls Financial Services (Rs 20,193 crore)

The wealth of founders Rashesh Shah and Venkatchalam Ramaswamy has soared by Rs 1,636 cr & Rs 797 cr respectively