Anand Rathi Share and Stock Brokers end nearly 8 pc higher in debut trade

New Delhi, Sep 30 (PTI) Shares of Anand Rathi Share and Stock Brokers Ltd on Tuesday ended with a premium of nearly 8 per cent over the issue price of Rs 414.

The stock started trading at Rs 432.10, up 4.37 per cent from the issue price on the BSE. During the day, it jumped 10.74 per cent to Rs 458.50. Shares of the firm finally ended at Rs 445.65, up 7.64 per cent.

At the NSE, the stock listed at Rs 432, a premium of 4.34 per cent. Shares of the firm later ended at Rs 445.55, a jump of 7.62 per cent.

The company's market valuation stood at Rs 2,795.35 crore.

The initial public offering (IPO) of Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers Ltd, fetched 20.66 times subscription on the final day of bidding on Thursday last week.

The Rs 745-crore IPO had a price band of Rs 393-414 per share.

The broking firm's IPO was entirely a fresh issuance of shares with no offer for sale (OFS) component.

Proceeds of the IPO to the tune of Rs 550 crore would be allocated to fund the company's long-term working capital requirements, and a portion would be used for general corporate purposes.

Anand Rathi Share and Stock Brokers Ltd provides a wide range of financial services, including broking, margin trading, and distribution of financial products, under the brand name 'Anand Rathi'.

Catering to a diverse clientele, the company serves retail investors, high-net-worth individuals (HNIs), ultra-HNIs, and institutional clients. PTI SUM TRB