IPO
Anand Rathi brokerage’s Rs.745-Cr IPO oversubscribed
The INR 745 crore IPO of Mumbai-based Anand Rathi Share and Stock Brokers Ltd . got subscribed 2.88 times. The IPO comprises entirely a fresh issue with no offer-for-sale component. The price band of the issue has been fixed at INR 393-414 per share.The retail category was subscribed 2.56 times, qualified institutional buyers’ (QIBs) portion got subscribed 0.14 times, and non-institutional investors (NIIs) bid 7.35 times.The company raised INR 220.49 crore from anchor investors such as Pinebridge Global Funds, Singularity MF, and Morgan Stanley India Investment Fund.About INR 550 crore of the net IPO proceeds will be used mainly for the firm’s long-term working capital needs.Anand Rathi, valued at INR 2,600 crore, is a full-service brokerage house, providing broking services, margin trading facilities and distribution of financial products through a network of 90 branches, 1,125 authorised persons as well as online and digital platforms.Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors managed the Anand Rathi IPO.
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