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IIFL Wealth Management, the country’s leading private wealth manager, made an encouraging debut on Thursday, with its shares hitting the upper trading limit. It ended at Rs 1,260, surpassing most price forecasts by analysts. The company is being valued at Rs 10,726 crore. The listing of IIFL Wealth follows its demerger from parent IIFL Finance with IIFL Securities, with the latter set to list on Friday.
Kotak Institutional Equities had forecast the stock to list much lower. “We reinitiate coverage on IIFL Wealth with fair value of Rs 1,050 per share (market cap of Rs 9,000 crore). At our fair
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