Public Market

IPO

Anand Rathi Wealth files papers for Rs.900-Cr IPO

Economic Times  

Anand Rathi Wealth, the wealth management arm of Anand Rathi Financial Services, has filed a draft prospectus for an initial public offering. The Mumbai-based firm and other promoters will sell 1.2 crore shares in Anand Rathi Wealth through the issue to raise INR 800-900 crore. While Anand Rathi Financial Services will sell 92.9 lakh shares, other promoters, including Anand Rathi, Amit Rathi, Supriya Rathi, Pradeep Gupta, Priti Gupta and Feroze Azeez, will sell 3.75 lakh shares each of the company in the IPO. Equirus Capital, BNP Paribas and IIFL Securities are the investment bankers handling the IPO. Anand Rathi Wealth, which caters to rich families, services over 6,000 clients and has 233 relationship managers. Its private wealth vertical managed INR 26,058 crore in assets under management as on March 31, 2021.