Anand Rathi IPO Rockets Past 2x Subscription on Day 3, Buzz Intensifies

The initial public offering (IPO) of Anand Rathi Share and Stock Brokers has generated significant investor interest, soaring past the 2x subscription mark by the third day of its bidding period. As of 10:15 am on December 3, the public issue was subscribed a robust 2.05 times, indicating strong confidence in the financial services firm.

Retail individual investors have led the charge, demonstrating overwhelming enthusiasm with their portion of the offer subscribed an impressive 3.23 times.

Non-institutional investors (NIIs) have also shown considerable engagement, subscribing to their allotted shares 1.15 times. Qualified institutional buyers (QIBs), typically the last to join, had not yet placed their bids as of the reported time, which is a common trend in many IPOs.

The IPO, which kicked off on December 2 and is set to conclude on December 6, aims to raise Rs 660 crore through the issuance of 1.2 crore equity shares.

The company has set the price band for the offering at Rs 530-550 per share, with investors able to bid in multiples of 27 shares.

Anand Rathi Share and Stock Brokers intends to utilize the net proceeds from the IPO primarily for augmenting its working capital requirements and for general corporate purposes.

This strategic move is expected to support the company's growth initiatives and operational expansion.

Adding to the market buzz, the grey market premium (GMP) for Anand Rathi's shares has been on an upward trajectory. As of December 3, the shares were trading at a premium of Rs 100 in the grey market, a noticeable increase from Rs 80 on the previous day.

This rising GMP often signals positive sentiment and potential listing gains among unofficial market participants.

The offering is being managed by Equirus Capital Private Ltd and Anand Rathi Advisors Ltd, who are serving as the book-running lead managers. Link Intime India Private Ltd has been appointed as the official registrar for the issue.

Upon successful completion, the shares of Anand Rathi Share and Stock Brokers are slated to be listed on both the BSE and NSE, opening a new chapter for the company in the public markets.