360 One Wam Ltd.'s board of directors approved the opening of its qualified institutional placement on Thursday at a floor price of Rs 1,065.36 per equity share.
The company may offer a discount of not more than 5% on the floor price for the issue, according to an exchange filing.
Also, the issue price will be decided after consulting the book running lead managers appointed in relation to the issue, the filing stated.
The proposal to raise funds via the QIP route had received nod from 360 One Wam's board of directors on Sept. 19. The company aims to raise up to Rs 2,250 crore in one or more tranches.
The QIP has been launched three days after 360 One Wam posted its results for the quarter ended Sept, 30. The company reported a net profit of Rs 245.5 crore, marking a 32% jump as compared to Rs 186 crore for the same period last year.
The revenue climbed by 57% to Rs 862.8 crore in the September quarter, as against Rs 550 crore for the same period of the previous fiscal 2024.
The financial service provider said that it has total assets under management of Rs 5,69,372 crore as of September 2024. Its annual recurring revenue AUM stands at Rs 2,42,619 crore, denoting growth of 40.6% year-on-year and 9.6% quarter-on-quarter.
Shares of 360 One Wam closed 2.76% higher at Rs 1,035.85 apiece on the NSE, compared to a 0.15% fall in the benchmark Nifty 50. The stock has risen by 96.43% in the last 12 months and by 45.93% on a year-to-date basis.
Out of the 12 analysts tracking the company, eight maintain a 'buy' rating on the stock, two recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 13.8%.
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