Anand Rathi Share and Stock Brokers has made a D-Street debut at a premium of 4%.
The stock opened at Rs 432 on the NSE, against the issue price of Rs 414.
Let’s take a look at the key highlights of the IPO –
Anand Rathi Share and Stock Brokers IPO: Subscription recap
The Rs 745 crore public issue of Anand Rathi Share and Stock Brokers, opened between September 23 to 25, received bids for 27.65 crore shares against the 1.26 crore shares on offer. This translated into an overall subscription of nearly 21.83 times.
Breaking down the subscription category, the qualified institutional buyers (QIBs) portion was subscribed 46.25 times. Non-institutional investors (NIIs) also showed heavy demand with 30.16 times subscription, while the retail category was subscribed 5.11 times. Even the employee portion was booked 2.7 times.
Anand Rathi Share and Stock Brokers IPO: Grey market premium trend ahead of listing
Ahead of the listing, the stock was trading at a premium in the grey market. The shares commanded a grey market premium (GMP) of Rs 27 over the issue price in the unofficial market. Based on the upper end of the price band at Rs 414, this pegged the estimated listing price around Rs 441 per share. This is about 6.5% higher than the issue price.
Anand Rathi Share and Stock Brokers IPO: Key details and financial performance
The IPO was a fresh issue of 1.80 crore shares, aggregating to Rs 745 crore. The price band was set at Rs 393-414 per share. Nuvama Wealth Management acted as the book-running lead manager, while MUFG Intime India was the registrar to the issue.
Talking about the financial performance of the company in FY25, Anand Rathi reported a 34% jump in net profit, which rose to Rs 103.6 crore compared to Rs 77.3 crore a year earlier.
Overview of the company
Anand Rathi Share and Stock Brokers operates as a full-service brokerage firm. The key services of the company include equity and commodity broking, margin trading, and distribution of financial products under the Anand Rathi brand.
Furthermore, it has a wide reach across India. It offers services through 90 branches, over 1,100 authorised agents in 290 cities, and digital platforms.