Opening Date
11 Jan 2024
Closing Date
15 Jan 2024
Yield
Upto 9.65%
Tenure
Upto 60 Months
Ongoing IPO
Opening Date
11 Jan 2024
Closing Date
15 Jan 2024
Time to close
Yield
Upto 9.65%
Tenure
Upto 60 Months
| Issue Size (Including Green Shoe Option) | 1,000 | ||
| Face Value | 1000 | ||
| Coupon | Upto 9.66% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 19 Jan 2024 | ||
| Listing Date (Tentative) | 23 Jan 2024 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 17:00 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI | VII | VIII |
Nature Of NCDs | Secured, Rated, Listed, Redeemable, Non-Convertible Debentures | |||||||
Who Can Apply | Everyone | |||||||
Tenure | 18 Months | 18 Months | 24 Months | 24 Months | 36 Months | 36 Months | 60 Months | 60 Months |
Frequency of Interest payment | MONTHLY | YEARLY | MONTHLY | YEARLY | MONTHLY | YEARLY | MONTHLY | YEARLY |
Best Coupon Rate (% p.a.) for: | ||||||||
Category 1 | 8.91 % | 9.22 % | 9.03 % | 9.41 % | 9.21 % | 9.61 % | 9.26 % | 9.66 % |
Category 2 | 8.91 % | 9.22 % | 9.03 % | 9.41 % | 9.21 % | 9.61 % | 9.26 % | 9.66 % |
Category 3 | 8.91 % | 9.22 % | 9.03 % | 9.41 % | 9.21 % | 9.61 % | 9.26 % | 9.66 % |
Category 4 | 8.91 % | 9.22 % | 9.03 % | 9.41 % | 9.21 % | 9.61 % | 9.26 % | 9.66 % |
Effective Yield (% p.a.) for: | ||||||||
Category 1 | 9.26 % | 9.27 % | 9.40 % | 9.40 % | 9.60 % | 9.60 % | 9.65 % | 9.65 % |
Category 2 | 9.26 % | 9.27 % | 9.40 % | 9.40 % | 9.60 % | 9.60 % | 9.65 % | 9.65 % |
Category 3 | 9.26 % | 9.27 % | 9.40 % | 9.40 % | 9.60 % | 9.60 % | 9.65 % | 9.65 % |
Category 4 | 9.26 % | 9.27 % | 9.40 % | 9.40 % | 9.60 % | 9.60 % | 9.65 % | 9.65 % |
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BondsIndia is an online platform for fixed-income securities such as IPOs, bonds, 54EC bonds, and fixed deposits. With a cumulative pedigree of 50+ years in the bond market, we aim to democratize the market for common investors by stationing detailed insights, expert advice, and keeping a close watch on the market sentiment. BondsIndia brings up-to-date information when IPOs go live, fixed deposits with higher interests, and bonds with competitive price before anyone else.
BondsIndia ditches the traditional ways of investing by offering a Technology based platform for investors that ensures instant online settlements and reduces counter-party risks. Choose BondsIndia for its sleek interface, fail-safe communication and step-by-step guide to ensure a well-placed bid. You can apply for Edelweiss Financial Services Limited IPO on BondsIndia's website.
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Rs 7,052 Crs
In fiscal 2009, the 360 ONE group started its wealth management services under the u2018IIFL Wealth brand and got licences for insurance broking and venture capital. 360 ONE WAM, along with its wholly owned subsidiaries, is primarily engaged in distribution, advisory, asset management, broking, and lending solutions for clients in the wealth management segment.
In January 2018, IIFL Finance Ltd (IIFL Finance; earlier IIFL Holdings Ltd) announced plans to reorganise its corporate structure and list the three entities u2013 IIFL Finance (loans and mortgages business), IIFL Wealth (wealth and asset management business), and IIFL Securities (capital markets and other businesses). In May 2019, as part of this restructuring scheme, IIFL Wealth and IIFL Securities were demerged from IIFL Finance. Further, in September 2019, IIFL Wealth Management was listed on the stock exchanges, followed by a name change to 360 ONE WAM Limitedu2019 in January 2023.
Change in the revenue recognition model to trail basis across distribution, AIF and portfolio management services impacted profitability. Margin was also affected by the companyu2019s plans to transition to an advisory model from the distributor fee model, though the move aimed at reducing volatility associated with distribution fees.
Strong market position in the wealth management business
360 ONE group is one of Indiau2019s largest non-bank wealth management payers. Its wealth business asset under management (AUM) grew by 23% in the first half of fiscal 2024 to Rs 3.48 lakh crore. 360 ONE caters to premium wealth clients, and offers a full suite of services, including distribution, advisory, asset management, broking, and lending. Currently, wealth management business is targeting UHNI segment and going forward, the management aims at increasing its reach to HNIs i.e. the mid-market segment.
Experienced and stable management
The management is well experienced with a track record of over a decade in the wealth management domain. Mr Karan Bhagat (Managing Director and Chief Executive Office) and Mr Yatin Shah (Executive Director) were instrumental in setting up the business in 2008. Both acquired the promoter status, after IIFL Group entities were demerged in May 2019. The company retains its market leading position on the back of innovative wealth products and adoption of global best practices.
Exposure to regulatory risk in the wealth management business
Unlike lending operations, wealth management is largely a fee-based business, due to which any credit event has a relatively lower impact on the capital base. However, the wealth and asset management businesses operate in a highly regulated environment, and any unanticipated changes can adversely impact the business model. In the last few years, regulations that prohibited upfront commissions and reduced in mutual fund total expense ratios, led to a sharp erosion in commission income. Profitability of many players, including 360 ONE WAM, suffered as they adapted to the new environment by modifying their respective business models. The overall retention rate on average annual recurring revenue earning assets was 0.64% for H1FY24, against 0.78% for FY23 and 0.74% in FY22.
Low diversity of lending operations
360 ONE Prime, which commenced operations in fiscal 2016, provides LAS to client of 360 ONE WAM. In general, size of the book is strongly correlated to ebbs and flows of the capital and money market, and are affected by both domestic and international events. AUM stood at Rs 4703 crore as on September 30, 2023, as compared with Rs 4837 crore as on March 31, 2023. As on September 30, 2023, which comprised of 83% loans against securities (LAS), 9% loan against property (LAP) and 8% others, which includes unsecured loan, and margin trading facility.
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