Anand Rathi IPO Subscribed 20.66 Times

New Delhi, Sep 25 (PTI) The initial public offer of Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers Ltd, fetched 20.66 times subscription on the final day of bidding on Thursday.

The Rs 745-crore IPO received bids for 27,60,82,128 shares against 1,33,63,342 shares on offer, according to NSE data.

The component meant for qualified institutional buyers (QIBs) received 43.80 times subscription, while the portion for non-institutional investors got subscribed 28.60 times. Retail individual investors (RIIs) quota attracted 4.78 times subscription.

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

The IPO has a price band of Rs 393-414 per share.

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.