Anand Rathi Wealth IPO subscribed 9.78x

Mumbai: The ₹660-crore-initial public offering of Anand Rathi Wealth was subscribed 9.78 times on Monday, the final day of bidding. The offer received bids for 8.29 crore shares against the 84.75 lakh shares on offer.

Retail investors bid for 7.76 times the shares reserved for them, while the non-institutional investor category was subscribed 25.42 times. The qualified institutional buyers' portion was subscribed 2.50 times, and the portion reserved for employees was subscribed 1.32 times.

The primary offering was entirely an offer for sale from promoters and existing shareholders. The issue was priced in the range of ₹530-₹550 per share. On Wednesday, Anand Rathi Wealth raised ₹194 crore from 12 anchor investors at the upper price band of ₹550 per share.

SBI Mutual Fund, ICICI Pru Mutual Fund, Franklin Templeton Mutual Fund, DSP Mutual Fund, Kotak Mutual Fund, Invesco Mutual Fund, Canara Robeco Mutual Fund, Nippon Mutual Fund, Abakkus Asset, and Quant Mutual Fund are among the institutions which participated in the anchor allotment.

Anand Rathi Wealth reported a profit of ₹ 45.09 crore in FY21 as against ₹61.61 crore in the previous year. Revenue also declined to 265.33 crore from 331.83 crore in the same period.