Anand Rathi Wealth IPO price band announced. GMP, key details as issue opens this week
Premium- Anand Rathi Wealth IPO is entirely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders
Anand Rathi Wealth, the wealth management arm of Anand Rathi Financial Services, will launch its initial public offering (IPO) this week that will open for subscription on Thursday, December 2 and the three-day initial share sale will conclude on December 6, 2021. The price band of the issue has been announced which has been fixed at ₹530-550 per share.
The initial share sale is entirely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders. At the upper end of the price band, the initial share sale is expected to fetch ₹660 crore.
As per market observers, Anand Rathi Wealth shares are available at a premium (GMP) of ₹87 in the grey market today. The equity shares of the company are expected to listed on BSE and NSE on December 14.
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.
Equirus Capital Pvt Ltd, BNP Paribas, IIFL Securities and Anand Rathi are the book running lead managers to the issue.
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.
From March 31, 2019, till August 31, 2021, the company's Asset Under Management (AUM) has grown at a CAGR (Compound annual growth rate) of 22.74% to ₹302 billion. As of August 2021, the company's flagship Private Wealth vertical catered to 6,564 active client families across the country.
Earlier in September 2018, the company had filed draft papers with market regulator SEBI to raise ₹425 crore through an IPO. However, the firm later withdrew its proposed public issue, as reported by PTI.
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