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Wealth mgmt firm Anand Rathi's Rs.660-Cr IPO subscribed 9.78x

Economic Times  

The initial public offering of Anand Rathi Wealth, a non-bank wealth solutions firm, was subscribed 9.78 times on December 6, the final day of bidding, garnering bids for 8.29 crore equity shares against the IPO size of 84.75 lakh equity shares. Anand Rathi Wealth planned to garner INR 660 crore through its public issue that is entirely an offer for sale. The price band for the offer, which opened on December 2, was fixed at INR 530-550 per equity share. The reserved portion for qualified institutional buyers was subscribed 2.5 times, and that of non-institutional investors saw 25.42 times subscription. Retail investors quota was subscribed 7.76 times, and employees have put in bids 1.32 times the portion set aside for them. Half of the offer size was reserved for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors. The company had reserved 2.5 lakh equity shares for its employees, at a discount of INR 25 per share to the final offer price.