Anand Rathi's Bold IPO: A New Financial Frontier

Anand Rathi Share and Stock Brokers, a division of the Anand Rathi Group, has secured more than Rs 220 crore from anchor investors, just ahead of its initial public offering (IPO). The investors, including major mutual funds and insurance companies, contributed significantly to this financial milestone.

The brokerage firm allocated 53.26 lakh equity shares to a select group of 15 funds, pegging the value of the transaction at Rs 229.5 crore. Shares will be open for subscription at a price range of Rs 393 to Rs 414 per share, during the IPO window from September 23 to 25.

Proceeds from this IPO are geared towards fulfilling long-term working capital needs and general corporate purposes. Anand Rathi Share and Stock Brokers offers a broad array of financial services, demonstrating significant financial growth, and operates extensively across India with a growing client base.

(With inputs from agencies.)