Strong Start: Anand Rathi Group's IPO Attracts Investors

Anand Rathi Share and Stock Brokers Ltd's debut in the IPO market witnessed a strong start, receiving 40% subscription on the opening day. According to NSE data, the three-day IPO attracted bids for over 5.4 million shares, against the 13.3 million shares available.

Retail Individual Investors and non-institutional investors both subscribed at 53%, while the Qualified Institutional Buyers showed a modest 1% interest. The share sale is priced between Rs 393 to Rs 414 per share, aiming to raise Rs 745 crore entirely from fresh share issues.

Proceeds are earmarked at Rs 550 crore for the company's long-term capital needs, with additional funds for general corporate purposes. As a major player in financial services, Anand Rathi caters to a diverse range of customers, including retail and high-net-worth individuals.

(With inputs from agencies.)