This comes after SEBI returned the draft IPO documents of Anand Rathi Share and Stock Brokers in January. Before this, the company had filed the IPO papers in December.
As per the fresh draft papers filed on Monday, the IPO is entirely a fresh issue of shares worth ₹
745 crore.
Also, the company planned to mobilise ₹149 crore through a pre-IPO placement. If the placement is completed, the issue size will be reduced.
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Proceeds of the IPO to the tune of ₹550 crore were proposed to be used to fund the company’s long-term working capital requirements and general corporate purposes.
Anand Rathi Share and Stock Brokers Ltd provides a wide range of financial services, including broking, margin trading, and distribution of financial products, under the brand name ’Anand Rathi’. Catering to a diverse clientele, the company serves retail investors, high-net-worth individuals (HNIs), ultra-HNIs, and institutional clients.
As of September 2024, Anand Rathi Share and Stock Brokers operates through a robust network of 90 branches across 54 cities in India, supported by 1,123 authorised persons (agents approved by relevant stock exchanges) in 333 cities.
On the financial front, revenue from operations increased 46 per cent to ₹682 crore in FY24, from ₹468 crore in FY23. Profit after tax surged to ₹77.29 crore in FY24 from ₹37.74 crore in FY23.
For the six months ended September 30, 2024, revenue from operations stood at ₹441.72 crore, and profit after tax stood at Rs 63.66 crore.
Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are the book-running lead managers. The shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE.
