Leading non-bank wealth solutions company Anand Rathi Wealth’s initial public offering (IPO) was subscribed 3.02 times on the second day of its issue, according to subscription data on the stock exchanges. Anand Rathi IPO opened on December 2, and will close on Monday, December 6, 2021. The company has set price band for the IPO at ₹ 530 – ₹ 550 per equity share of face value of Rs 5 each.
On Friday, the portion reserved for retail individual investors was subscribed 4.77 times – the highest among the three groups of investors. The portion set aside for qualified institutional buyers or QIB was subscribed 0.17 times, while the portion reserved for non-institutional investors was subscribed 3.06 times.
Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services. At the upper end of the price band, the company aims to raise Rs 660 crore through this offer.
The IPO consists of an offer for sale of up to 1,20,00,000 equity shares of face value of Rs 5 each by Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez, according to a statement by the company.
The objective of the offer are to achieve the benefits of listing the shares on the stock exchanges. The minimum lot size is of 27 equity shares and in multiples of 27 equity shares thereafter. Retail individual investors can invest a minimum of Rs 14,850 for one lot and a maximum of Rs 1,93,050 for 13 lots.
Equirus Capital Private, BNP Paribas, IIFL Securities and Anand Rathi Advisors are the book running lead managers to the issue while Link Intime is the registrar to the issue.