Nuvama Wealth aims to list by August, sets ambitious biz growth targets

Wealth management company Nuvama is aiming for a listing by August this year once its demerger from Edelweiss Financial Services gets through, a top official said on Wednesday.

Edelweiss Financial Services' shareholders have already given their nod for the demerger.

Nuvama, which was earlier called as Edelweiss Wealth Management, will be approaching the National Company Law Tribunal (NCLT) later this month for its approval for the scheme, Nuvama's chief executive and managing director Ashish Kehair told reporters.

We would like to do the listing as soon as possible. I feel it will get listed by July or August, he added.

Over 55 per cent of Nuvama is owned by private equity fund PAG, while Edelweiss' Rashesh Shah and Venkat Ramaswamy will have a 9 per cent ownership between them, he said.

Kehair also announced the company's targets on the business growth front, stating that the wealth management space is under-penetrated in the country.

The company, which has client assets of Rs 2