360 One WAM shares fall 6% after Bain Capital sells 3.7% stake via block deal

Shares of 360 ONE WAM , formerly known as IIFL Wealth Management, ended 6.09% lower at ₹1,146.75 on the BSE today amid heavy volume due to a block deal. During the session, the stock declined as much as 7.5% to hit an intraday low of ₹1,129.50 on the BSE, driven by strong volume. As many as 34.52 lakh shares changed hands over the counter compared to a two-week average of 19,000 shares.

The decline was attributed to a 3.7% stake sale by Bain Capital-led BC India. The shares were sold at a 5% discount to the previous close of ₹1,221.20, priced at ₹1,160. According to the report, around 1.9 crore shares were traded in the block deal, amounting to a total deal size of ₹2,273 crore. Bain Capital had acquired a 24.9% equity stake in the company back in 2022, in a transaction then valued at $1.7 billion.

360 One WAM recently reported its Q1 FY26 results, posting an 18% year-on-year increase in profit after tax (PAT) to ₹287 crore. Total revenue stood at ₹725 crore, marking a 4% growth compared to the previous year.

The company’s overall assets under management (AUM) reached ₹6,63,924 crore, while its annual recurring revenue (ARR) AUM was recorded at ₹2,87,317 crore, reflecting a 29.8% year-on-year increase. Its tangible net worth was reported at ₹5,693 crore.

Meanwhile, in a circular to Sebi, 360 One WAM announced that its stakeholder's relationship committee has approved the allotment of 2,05,02,939 convertible warrants to UBS AG, a Swiss investment bank. The warrants are priced at ₹1,030 each, amounting to a total of ₹2,112.83 crore. UBS has made an upfront payment of 25% (₹528 crore) and will be eligible to convert the warrants into equity shares in one or more tranches.

In its investor presentation, 360 One WAM described the collaboration with UBS AG as a strategic partnership aimed at "expanding offerings, deepening existing client relationships, and increasing wallet share."

According to a recent Motilal Oswal report, the company “offers a compelling structural growth story anchored in India’s expanding wealth and asset management market.” However, the report mentioned that there are mixed trends in the yields, as headline yields remain largely stable, while overall yields may dip by 2–3 basis points due to a shift to lower-yielding advisory services, which offer 30–35 basis points compared to distribution yields of 70–75 basis points. On the asset management side, yields from listed strategies are expected to decline slightly as more AUM is added in this category. Lending yields rose in Q1FY26 due to the recent capital raised in the last quarter, with an expectation of a steady-state yield of 4.8–5% going forward.