The US buyout group is at present conducting due diligence with the purpose of selecting up a major minority stake of 30-40% and set off an open provide for an extra 26% stake. The eventual holding will rely on the inventory tendered by minority shareholders within the open provide. IIFL Capital closed at ₹389 on the BSE on Tuesday, up 2.5% for a market worth of ₹12,119.18 crore.
The promoters, led by Jain and his spouse Madhu, personal 30.98%, whereas Prem Watsa-backed Fairfax is the second largest shareholder with a 27.27% stake held through FIH Mauritius Funding. Abu Dhabi Funding Authority can also be a backer.
TPG’s funding may very well be a mixture of major and secondary capital infusion — the ultimate contours will crystallise within the coming weeks.
The IIFL inventory has zoomed 26% since December on hypothesis of a possible investor getting into to supply development fairness. At present costs, TPG’s funding may very well be within the vary of ₹3,635.7 crore to ₹4,847.6 crore, excluding the open provide. If absolutely subscribed, the transaction measurement may go as much as about ₹8,000 crore.
TPG and IIFL Capital didn’t reply to queries.
Wealth Administration
Headquartered in Mumbai, IIFL Capital determined to pivot towards turning into a full-service wealth supervisor in 2024. It modified its identify from IIFL Securities to IIFL Capital within the earlier fiscal 12 months. It has a nationwide presence via greater than 100 branches and three,500 exterior wealth companions. Its major enterprise stays broking and allied actions corresponding to margin buying and selling facility (MTF), depository and retail brokerage that contributed 74% of whole revenue for the primary 9 months of FY25.
The distribution of economic merchandise was the second-largest enterprise vertical, contributing 16% of revenue in the identical interval, adopted by funding banking at 10%. It had a market share of 0.67% of the turnover quantity (money and derivatives segments) of the Nationwide Inventory Trade for the primary half of FY25. Through the first 9 months of fiscal 2025, whole revenue and PAT had been Rs 1,994 crore and Rs 585 crore, respectively.
The administration has been eager to give attention to asset accumulation and wealth to faucet into the rising variety of wealthy purchasers. After hiring senior leaders from ASK Wealth, the corporate has added over 100 relationship managers for wealth administration within the final 18 months from Citi, Barclays, Axis Financial institution and Commonplace Chartered, with an purpose to construct a franchise with Rs 50,000-crore belongings below administration.
CNBC TV18 reported in December that PE teams corresponding to TPG and Bain Capital had been evaluating the acquisition of a 19.99% stake within the firm.
India accounted for the world’s third-largest variety of billionaires in 2024, reflecting 123% development since 2015. The mixed wealth of Indian billionaires surged by 42.1% in 2025 to $905.6 billion. The corporate has a pan-India presence with greater than 457,000 lively purchasers on September 30, 2024. The margin buying and selling facility gross e book was Rs 1,427 crore on December 31, 2024.
Take 2
TPG, like a number of of its non-public fairness friends, has been scouting for scaled belongings within the wealth area and had evaluated Nuvama and an funding in Blackstone-backed ASK Wealth within the latest previous.
“An funding on the listed entity makes it simpler for an eventual exit and routinely offers an publicity on the entire portfolio,” stated one of many individuals cited above. “IIFL’s lending enterprise is overcapitalised however Jain desires to show that he can repeat the success of 360 One, which he was instrumental in founding and rising earlier than it received demerged. Jain has now stepped down from the board of 360 One as effectively.”
A deep-pocketed associate at this juncture will, subsequently, be key for his enlargement plans, the particular person stated, including that TPG additionally has publicity in competing shadow lenders.
Jain’s companies embody IIFL Capital, shadow financial institution IIFL Finance, on-line dealer 5Paisa Capital and a small stake in 360 One. Final 12 months, UBS Group AG, the world’s largest wealth supervisor exterior the US, agreed to promote its sub-scale Indian wealth unit to 360 One WAM in return for an possibility to amass a minority stake within the home agency and a partnership that can see the Swiss financial institution enhance its enterprise within the nation.
