The country's leading mutual fund distributor Anand Rathi Wealth's share sale via initial public offering (IPO) opened for subscription from Thursday, December 2. The company is selling its equity shares in the price band of Rs 530-550 per share and the issue is an offer for sale of up to 1.2 crore equity shares of face value of Rs 5 each by Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez, according to its prospectus. At the upper end of the price band, the company aims to raise Rs 660 crore through this offer.
Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services.
The objective of the offer is to achieve the benefits of listing the shares on the stock exchanges. The offer includes a reservation of 2.5 lakh equity shares for the company's employees who will get the shares at a discount of Rs 25 to the final issue price.
The minimum lot size is of 27 equity shares and in multiples of 27 equity shares thereafter. Retail individual investors can invest a minimum of Rs 14,850 for one lot and a maximum of Rs 1,93,050 for 13 lots.
Anand Rathi Wealth 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.
In the grey market Anand rathi Wealth shares were quoting at a premium of Rs 120 per share, according to market participants.
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.