Shares of Anand Rathi Wealth witnessed a positive start in the debut trading session on Tuesday.
New Delhi: Shares of Anand Rathi Wealth witnessed a positive start in the debut trading session on Tuesday. The stock got listed at ₹ 602.05 on the BSE index, a 9.46 per cent premium over its issue price of ₹ 550. On the NSE platform, the scrip opened at ₹ 600, a premium of 9.09 per cent.
The initial public offer (IPO) of the non-bank wealth solutions provider had received 9.78 times subscription by the closing day (December 6).
The ₹ 660-crore IPO had received bids for 8,29,21,509 shares against 84,75,000 shares on offer.
The category for non-institutional investors was subscribed 25.42 times, Retail Individual Investors (RIIs) 7.76 times and Qualified Institutional Buyers (QIBs) 2.50 times.
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The initial public offer of up to 12,000,000 equity shares had a price range of ₹ 530-550 per share. The minimum lot size was of 27 equity shares, and in multiples of 27 equity shares thereafter.
The company had raised ₹ 194 crore from anchor investors.
Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services. It has been ranked amongst the top three non-bank mutual fund distributors in the country.
The company offers a wide product portfolio of wealth solutions, financial product distribution, and technology solutions to its clients.
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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.
