Anand Rathi's Broking Arm IPO Soars with Over 20x Subscription
Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers Ltd, witnessed a 20.66 times subscription on its IPO's final day, raising Rs 745 crore. Proceeds will fund long-term capital needs and corporate purposes. The IPO drew robust interest from institutional buyers, non-institutional investors, and retail investors.
- Country:
- India
Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers Ltd, made an impressive debut with its initial public offering (IPO) fetching 20.66 times subscription on the final day of bidding.
The Rs 745-crore IPO received significant interest across all categories, with bids totaling 27,60,82,128 shares against 1,33,63,342 shares on offer, according to the National Stock Exchange data.
Proceeds from the IPO, which features a price band of Rs 393-414 per share and involves only fresh share issuance, will be used to enhance the firm's long-term working capital and fund general corporate purposes.
(With inputs from agencies.)
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