Angel Broking's Rs 600 crore IPO closes for bidding at 5:00 pm today i.e. September 24. The public offer had opened on September 22. The price band of the share offering has been fixed at Rs 305-Rs 306 per share. The shares will be listed on both the benchmark indices, BSE and NSE, on October 5.
The public offer includes fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore on the part of the promoters. The investors are eligible to bid for a minimum one lot of 49 shares and in multiples thereafter, up to 13 lots.
Angel Broking will raise Rs 600 crore at the higher end of the price band. It will use the proceeds from the fresh issue for its working capital requirements and for general corporate purposes.
Angel Broking, Incorporated in 1996, is one of the oldest stock broking houses in the country. It provides broking, advisory and financial services to investors. Dinesh D. Thakkar, Ashok D. Thakkar and Sunita A. Magnani are the promoters of Angel Broking.
ICICI Securities, Edelweiss Capital and SBI Capital Markets are the lead managers for the public offering, whereas Link Intime India is the registrar to the issue.
This has been a successful week for the primary markets. Computer Age Management Services IPO and Chemcon Speciality Chemicals IPO closed for bidding on Wednesday i.e. September 23, after receiving an over-whelming response from the investor community. Computer Age Management Services IPO was subscribed 47 Times, whereas the Chemcon Speciality Chemicals IPO was subscribed 149 times