Anand Rathi Wealth's IPO Subscribed 160% On First Day of Issue

Non-bank wealth solutions firm Anand Rathi Wealth's initial public offer was subscribed 160 per cent on the first day of its issue on Thursday, December 2. It received bids for 1.36 crore equity shares against the issue size of 84.75 lakh equity shares.

The company reduced its offer size to 84.75 lakh equity shares from 1.2 crore equity shares after raising Rs 194 crore from anchor investors, a day prior to the IPO, i.e. on December 1.

Retail investors' portion was subscribed 2.45 times, while the employees' share was 42 per cent.

Non-institutional investors purchased 193 per cent of the equity shares reserved for them, while qualified institutional investors bought 17,658 shares out of the 23,50,000 shares allotted to them.

The company plans to raise Rs 660 crore through the public offer, which is entirely an offer for sale of 1.2 equity shares by promoters. Therefore the fund will be given to selling shareholders.

The price band for the offer, which closes on December 6, has been fixed at Rs 530-550 per equity share.

Anand Rathi Wealth is among the top non-bank mutual fund distributors in India.