Anand Rathi Wealth’s IPO will end on December 6.
New Delhi: Non-bank asset solutions provider Anand Rathi’s Initial Public Offering (IPO) was oversubscribed more than twice on its second day of issuance. As of 11:38 a.m. Friday, it had received tenders for 1.73 crore of shares compared to the IPO size of lakh 84.75 units, exceeding 2.05 registrations.
The share of retail investors is registered 3.23 times, while the share of employees is 0.45 times.
The company reduced its offering size to lakh 84.75 lakh equity shares from 1.2 crore shares after raising Rs 194 crore from anchor investors.
Ice:
The price range for the public offering, which ends on December 6, has been fixed at Rs 530-550 per equity share. The company plans to raise Rs 660 crore through an initial share sale.
The minimum lot size is 27 equity shares and multiples of 27 equity shares thereafter. Retail individual investors can invest a minimum of Rs 14,850 for one lot and a maximum of Rs 1,93,050 for 13 lots.
Gray market price:
According to market observers, on the gray market, shares of Anand Rathi Wealth are being quoted at a premium around Rs 105-110 per share.
Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services. It has been ranked among the top three non-bank mutual fund distributors in the country.
The company offers a diversified product portfolio of enrichment solutions, financial product distribution and technology solutions to its clients.
Equirus Capital Private, BNP Paribas, IIFL Securities, and Anand Rathi Advisors are the book’s key managers on the issue while Link Intime is the registrar for the issue.
