Anand Rathi IPO Subscribed on Day 2

New Delhi, Sep 24 (PTI) The initial share sale of Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers Ltd, got subscribed 1.11 times on the second day of bidding on Wednesday.

The three-day Initial Public Offer (IPO) received bids for 1,48,34,376 shares against 1,33,63,342 shares on offer, according to NSE data.

The quota for non-institutional investors fetched 1.88 times subscription and that of Retail Individual Investors (RIIs) received 1.37 times subscription. The Qualified Institutional Buyers (QIBs) portion got subscribed 2 per cent.

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

The shares are available for subscription at a price band of Rs 393-414 per share for the company's Rs 745-crore IPO.

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.