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New Delhi: The Initial Public Offering (IPO) of Anand Rathi Wealth on Thursday opened for subscription and one can bid till December 6th.
The company is mulling to raise Rs 660 crore from the public issue and the price band has been fixed at Rs 530 to Rs 550 per equity share. The IPO is purely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders.
As far as the Grey Market Premium (GMP) of the firm is concerned, the GMP of Annad Rathi is on a positive side. As per the market observes, the GMP of Anand Rathi Wealth shares is available at a premium of Rs 130.
The Grey Market Premium is Rs 5 percent higher from its yesterday's evening.
The minimum bid lot is 27 equity shares and multiples and investors can bid for a lot of 27 shares and multiple thereof. Around Rs 14,850 will have to be invested by a retail investor for one lot while 1.93 lakh for 13 lots.
15 percent offer is reserved for Non-Institutional Investors (NNI) while 50 percent of the reserved for Qualified Investor Buyers (QIB). While on the other hand, 35 percent of the issue is reserved for retail investors.
However, about 2.5 lakh shares are reserved for employees of the company which they will get at a discount of Rs 25 of the issue price.
On the first day the issue witnessed a 42 percent subscription as it received bids for 35.34 lakh equity shares against the IPO size of 84.75 lakh equity shares on December 2.
Anand Rathi Wealth is involved in financial services industry. Its focus is on mutual fund distribution and sales of other financial products. The company started its business in 2002 as an AMFI Registered Mutual Fund Distributor.
From March 31, 2019 to August 31, 2021, the company's Asset Management (AUM) has seen a growth of 22.74 percent on a yearly basis and has reached Rs 302 billion.
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