Angel Broking has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 600 crore through an initial public offering.
Angel Broking has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 600 crore through an initial public offering. The IPO comprises fresh issuance of shares worth Rs 300 crore, besides an offer of sale of the same size by promoters and other existing shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi.
IFC will sell shares to the tune of Rs 120 crore in the offer for sale. Proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes. ICICI Securities, Edelweiss Financial Services and SBI Capital Markets will manage the company’s IPO.
The equity shares will be listed on BSE and NSE. Angel Broking, a leading full-service retail broking house in the country, has presence across 1,800 cities and towns through a network of sub-brokers and over 110 branches. As of June 2018, the company managed Rs 1,13,02 crore in client assets and over 11 lakh active broking accounts.