Anand Rathi Share and Stock Brokers IPO gets subscribed 40 pc on Day 1

New Delhi, Sep 23 (PTI) The initial share sale of Anand Rathi Group's brokerage arm Anand Rathi Share and Stock Brokers Ltd got subscribed 40 per cent on the first day of bidding on Tuesday.

The three-day initial public offer (IPO) received bids for 54,09,144 shares against 1,33,63,342 shares on offer, as per NSE data.

Retail Individual Investors (RIIs) portion got subscribed 53 per cent, and the non-institutional investors quota also received 53 per cent subscription. The category for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent.

Anand Rathi Share and Stock Brokers on Monday announced raising a little over Rs 220 crore from anchor investors.

The shares are available for subscription at a price band of Rs 393-414 per share for the company's Rs 745-crore IPO.

The broking firm's IPO is 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.

Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are the book-running lead managers to the offer. PTI SUM SUM SHW