Anand Rathi's Brokerage Arm IPO: Strong Investor Interest Surges
Anand Rathi Share and Stock Brokers Ltd's IPO has gained significant traction, being subscribed 1.11 times within two days. The offering, valued at Rs 745 crore, aims to bolster working capital with Rs 550 crore. Different investor categories have shown varied interest in the fresh share issue.
- Country:
- India
The initial public offering (IPO) of Anand Rathi Group's brokerage division, Anand Rathi Share and Stock Brokers Ltd, demonstrated robust demand, reaching 1.11 times subscription by the second day, Wednesday.
Bids for 1,48,34,376 shares were recorded, surpassing the 1,33,63,342 shares available, as per NSE data. The non-institutional investors' quota saw 1.88 times subscription, while Retail Individual Investors (RIIs) had 1.37 times, and Qualified Institutional Buyers (QIBs) saw a mere 2% subscription.
On the financial front, over Rs 220 crore was secured from anchor investors prior to the IPO launch. The shares, priced at Rs 393-414 per share, are part of a Rs 745-crore issuance aimed at supporting the company's working capital and general corporate needs.
(With inputs from agencies.)
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