Europe's largest lender HSBC is competing with global private equity buyout groups to acquire Nuvama Wealth and Investment Ltd, according to reports from The Economic Times. Asia-Pacific-focused private equity firm PAG, current owners of the listed financial services company, has revived attempts to sell the business after a year's gap. The bidding process has attracted at least half a dozen PE competitors including Brookfield, Warburg Pincus, EQT, CVC Capital, Permira, Chrys Capital and General Atlantic (GA) for the asset.
At its current market value of ₹32,116 crore, PAG's 53.98% stake–held via Pagac Ecstasy Pte Ltd (53.12%) and Asia Pragati Strategic Investment Fund–is worth ₹17,336 crore ($1.8 billion). The transaction will also trigger an open offer for an additional 26% of the company. According to The Economic Times, at least two more strategic players are expected to join the fray this week after the aforementioned entities submitted non-binding offers last week.
As reported by The Economic Times, Nuvama's shares have been volatile over the past year. On a split-adjusted basis, the stock rose from around ₹1,200 in late August 2025 to about ₹1,805 by August 28 this year, a gain of about 50%. After trading in the ₹1,100–1,500 range, it rallied in April, hitting a 52-week high of ₹2,067 in July. The company announced a 1:5 stock split last November, revising the face value to ₹2 from ₹10 while maintaining the authorized share capital at ₹799.54 crore.
According to The Economic Times, Nuvama's wealth management segment has become its mainstay with client assets growing to ₹5.36 lakh crore as of June 30. The group largely caters to affluent and high-networth individuals (HNIs), ultra HNIs (UHNIs), family offices and institutional clients, with products covering investment advisory and management, estate planning, lending and broking services. The asset services business, the second largest portfolio at 30%, was pegged at ₹1.59 lakh crore as of June 30, with three-fourths under custody and the rest under clearing.
As reported by The Economic Times, PAG invested $325 million to acquire a majority stake in Edelweiss Wealth Management in March 2021 with the firm getting listed in 2023. According to a recent PwC report, India's asset and wealth management industry is projected to reach $1.7 trillion in assets under management by 2030, implying a compound annual growth rate of 11.6% since 2024. The large cheque size for a listed company buyout is likely to nudge contenders to form consortiums, with some candidates open to carving out certain business pieces instead of picking up all multiple verticals.
