Nuvama Wealth Management, earlier known as Edelweiss Securities, made its debut in the Indian stock market on Tuesday, September 26. The spun off entity, Nuvama Wealth Management shares were listed at 2,699.00 apiece on the BSE and at 2,750 on the National Stock Exchange (NSE). However, after listing on the stock exchanges, Nuvama Wealth Management share price hit 5% lower circuit to close at 2,564.10 apiece on the BSE and 2,612.50 on NSE. The company boasted a market capitalization of 9,163 crore at close on Tuesday. Nuvama Wealth Management is now the third listed wealth management company on Dalal Street after Anand Rathi Wealth and 360 One WAM. The market capitalization 360 One WAM and Anand Rathi Wealth was 18,419 crore and 7,117 crore, respectively. After listing, Edelweiss Financial will continue to hold 14% stake in Nuvama, while the shareholders of Edelweiss Financial will hold 30% of the paid-up share capital. Asia Pacific-focused alternative investment firm PAG holds 56% stake in the company. PAG had, in 2020, bought a stake in the wealth management business of Edelweiss Financial Services. Subsequently, it had announced the demerger and listing of its wealth management business, Edelweiss Securities. Since February 2023, it has been rebranded as Nuvama. Nuvama offers wealth management, asset management and capital markets services and serves a client base including affluent, high net worth individuals, ultra-high net worth individuals, family offices, corporate and institutional clients. The Nuvama Group now comprises all the companies of the Edelweiss group founded by Rashesh Shah in 1993, barring the insurance and mutual fund businesses, and is into wealth management, asset management and capital markets. "Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights!"