360 One Wam launches 22.2 million new shares worth Rs 2,250 crore via QIP

360 One Wam, the country’s leading wealth management firm, has launched Rs 2,250 crore qualified institutional placement (QIP). The company will issue 22.2 million new shares in the QIP at a base price of Rs 1,065.4 per share. Shares of the company last closed at Rs 1,011, down 2.3 per cent over previous day’s close. The QIP will lead to dilution of 6.1 per cent of pre-issue outstanding equity capital. 360 One Wam will use Rs 900 crore to strengthen the capital base of its wholly-owned subsidiary 360 One Prime. It will invest Rs 800 crore in its alternate asset management business housed under 360 One Alternates. IIFL Securities, Motilal Oswal, and Jefferies India are the investment banks handling the share sale. The new shares issued in the QIP will commence trading from November 4. For the quarter ended September 2024, 360 One Wam had reported net profit of Rs 247 crore on revenues of Rs 589 crore — largely changed when compared to the preceding quarter ended June 2024. The company’s overall assets under management (AUM) stood at Rs 5.7 trillion in the September 2024 quarter.     Of this annual recurring revenue (ARR) AUM stood at Rs 2.42 trillion and transactional AUM at Rs 3.27 trillion. During the September quarter, 360 ONE Wealth onboarded over 160 clients with more than Rs 10 crore ARR AUM. Overall, it has over 7,500 clients.