Angel Broking's Rs 600 crore initial public offer (IPO) will open on September 22. The brokerage firm's public offering will be open between September 21 and September 24, at a price band of Rs 305-Rs 306 per share. The shares will be listed on both BSE and NSE, on October 5, 2020.
Angel Broking plans to raise up to Rs 600 crore through the book-building issue, comprising fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by the promoters. The investors can bid for a minimum one lot of 49 shares and in multiples thereof, up to 13 lots.
The company will use the proceeds of the fresh issue to meet working capital requirement and for general corporate purposes.
Incorporated in 1996, Angel Broking is one of the oldest stock broking houses in the country, providing broking, advisory and financial services. Dinesh D. Thakkar, Ashok D. Thakkar and Sunita A. Magnani are the promoters of the company.
ICICI Securities, Edelweiss Capital and SBI Capital Markets are the lead managers for the offer, while Link Intime India is the registrar.
ICICI Securities was the last big IPO from the broking space to hit the market, way back in March 2018. Among other major broking firms, Motilal Oswal Financial Services was listed in 2007 and Emkay Global, in 2006.
The Angel Broking public offer will be the eighth IPO in 2020 after SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds, Route Mobile, Chemcon Speciality Chemicals and Computer Age Management Services.