Advertisement
Monday, May 16, 2022
Outlook.com
Outlook.com

Anand Rathi Wealth IPO: Price Band Set At Rs 530-550 Per Share. Check Details

Anand Rathi's three-day IPO will conclude on December 6. The initial share sale is entirely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders.

Anand Rathi Wealth IPO: Price Band Set At Rs 530-550 Per Share. Check Details
Anand Rathi Wealth IPO: Price Band Set At Rs 530-550 Per Share. Check Details
outlookindia.com
2021-11-30T13:02:48+05:30

Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, on Tuesday said it has fixed a price band of Rs 530-550 a share for its Rs 660-crore IPO, which will open for public subscription on December 2.

The three-day initial public offering (IPO) will conclude on December 6, the company said.

The initial share sale is entirely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders.

The OFS consists of the sale of 92.85 lakh equity shares by Anand Rathi Financial Services, and 3.75 lakh equity shares each by Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, and Feroze Azeez, and 90,000 equity shares by Jugal Mantri.

The issue includes a reservation of 2.5 lakh equity shares for employees.

At the upper end of the price band, the initial share sale is expected to fetch Rs 660 crore.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, while 35 per cent has been set aside for retail investors.

Investors can bid for a minimum of 27 equity shares and in multiples of thereafter.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

The company commenced activities in fiscal 2002 and is AMFI registered mutual fund distributor. It has evolved into providing well-researched solutions to its clients through a mix of wealth solutions, financial product distribution and technology solutions to a wide spectrum of clientele.

From March 31, 2019, till August 31, 2021, the company's Asset Under Management (AUM) has grown at a CAGR of 22.74 per cent to Rs 302.09 billion. As of August 2021, the company's flagship Private Wealth vertical catered to 6,564 active client families across the country.

In addition to the private wealth vertical, the company has two new-age technology-led business verticals -- Digital Wealth and Omni Financial Advisors.

Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited Anand Rathi Advisors Limited have been appointed as merchant bankers to advise the company on the IPO.

The equity shares of the company will be listed on BSE and NSE.

Earlier in September 2018, the company had filed draft papers with Sebi to raise Rs 425 crore through an IPO. However, the firm later withdrew its proposed public issue.

(With PTI Inputs)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement