Anand Rathi Share and Stock Brokers IPO Listing Today: What to Expect
The shares of Anand Rathi Share and Stock Brokers are set to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on September 30. The allotment of shares was completed on September 26, while the subscription window was open from September 23 to September 25.
IPO Subscription Details
The mainboard issue was oversubscribed 20.66 times, with the company receiving bids for 27,60,82,128 shares against 1,33,63,342 offered. The strong demand for the IPO is a positive sign for the company, which is expected to list at a premium.
Latest GMP and Share Price
Ahead of its listing on Tuesday, the unlisted shares of the company have been in the news after the latest grey market premium suggested a positive listing for the Mumbai-based full-service broking company. The GMP for the Anand Rathi Share and Stock Brokers IPO was Rs 31 as of 8:15 a.m. on September 30. This indicates a listing price of Rs 445 per share at a premium of 7.49% on the upper limit of the price band.
This means the unlisted shares of the company were trading at Rs 445 in the private market ahead of listing on Tuesday. Investors can expect a potential gain of up to 8% when shares debut on the BSE and NSE today.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
IPO Details
The Anand Rathi Share IPO is a book-built issue of Rs 745 crore, consisting entirely of a fresh issue of 1.8 crore shares. The price band for the IPO was set between Rs 393 and Rs 414 per share. The lot size for an application was 36, and the minimum amount of investment required by a retail investor was Rs 14,904.
Use of Proceeds
Anand Rathi is a multi-faceted financial services provider offering stock broking, research analysis, depository services, mutual fund distribution services, etc. The 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.
About Anand Rathi Share and Stock Brokers
Anand Rathi Share and Stock Brokers Ltd., incorporated in 1991, is a brokerage firm. The company provides broking services, margin trading, and financial product distribution under the ‘Anand Rathi’ brand, helping clients invest in equities, derivatives, commodities, and currency markets.
Disclaimer
Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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