Anand Rathi IPO Oversubscribed Over 2 Times So Far: GMP, Price Band, Other Details

New Delhi: Non-bank wealth solutions provider Anand Rathi's initial public offering (IPO) was oversubscribed more than 2 times on the second day of its issue. As of 11:38 am on Friday, it has received bids for 1.73 crore equity shares as against an IPO size of 84.75 lakh units, oversubscribing 2.05 times.

Retail investors' portion was subscribed 3.23 times, while the employees' share was 0.45 times.

The company had reduced its offer size to 84.75 lakh equity shares from 1.2 crore equity shares after raising Rs 194 crore from anchor investors.

Price Band:

The price band for the public offer, which concludes on December 6, has been fixed at Rs 530-550 per equity share. The company plans to raise Rs 660 crore through the initial share sale.

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.

Grey Market Price:

In the grey market Anand Rathi Wealth shares were quoting at a premium of around Rs 105-110 per share, according to market observers.

Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services. It 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.

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.