Mumbai-based Anand Rathi Share and Stock Brokers has secured ₹220.5 crore from 15 anchor investors on September 22, ahead of its ₹745-crore initial public offering (IPO).
The IPO, comprising a fresh issue of shares only, will open for subscription on September 23 and close on September 25, with a price band set at ₹393–₹414 per share.
The company has allotted 53,26,086 equity shares to anchor investors at ₹414 apiece. Leading participants included HDFC Mutual Fund, Kotak Mahindra AMC, Quant Mutual Fund, Aditya Birla Sun Life AMC, SBI Life Insurance, and Singularity AMC, each investing ₹20.08 crore for 4.85 lakh shares.
Additionally, Morgan Stanley, Pinebridge Global Fund, Kotak Mahindra Life Insurance, and 360 ONE bought 3.62 lakh shares each worth ₹15 crore. Other institutions such as Bandhan AMC, Sanshi Funds, BNP Paribas, ITI Mutual Fund, and Rajasthan Global Securities also took part in the anchor book.
Proceeds from the IPO will be primarily used to fund long-term working capital requirements (₹550 crore), with the balance earmarked for general corporate purposes.
At the upper end of the price band, the company is seeking a valuation of nearly ₹2,600 crore. Anand Rathi Share and Stock Brokers offers broking services, margin trading facilities, and financial product distribution under the Anand Rathi brand.
Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are the book-running lead managers to the issue.
