The company is planning to mop up Rs 660 crore through its IPO that’s entirely an offer for trade of1.2 crore equity shares by promoters The original public immolation of Anand Rathi Wealth, one of the leadingnon-bank wealth results enterprises in India, has been subscribed 58 percent as it entered flings for49.1 lakh equity shares against the IPO size of84.75 lakh equity shares on December 2.
The company reduced its offer size to84.75 lakh equity shares from1.2 crore equity shares after raising Rs 194 crore from anchor investors on December 1, a day before the IPO opened for subscription The portion set away for retail investors was subscribed1.02 times, and that of workers 4 percent Non-institutional investors bought 40 percent of the equity shares reserved for them, while good institutional investors bought 378 shares out of the shares distributed to them.
The company is planning to mop up Rs 660 crore through its IPO that’s entirely an offer for trade of1.2 crore equity shares by promoters. Hence, the finances raised will go to dealing shareholders. The price band for the offer, which closes on December 6, has been fixed at Rs 530-550 per equity share
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At the upper price band of Rs 550, the issue has been valued at a P/ BV ( price-to- book value) and a P/ E ( price-to-earnings) multiple of9.4 x and 51x to its FY21 NAV of Rs58.5 and EPS of Rs10.9 independently,” said Arihant Capital Markets The company has strong fundamentals, healthy return rates, and has recorded strong AUM growth. The pricing of the IPO is a laddie precious compared to its peers, still, we recommend that investors subscribe for listing earnings,”the brokerage added Anand Rathi Wealth has been ranked among one of the three largestnon-bank collective fund distributors in India by gross commission earned. It offers Private Wealth (PW) services, wherein it managed Rs crore means under operation (as of H2FY22). It also acts as a collective fund distributor associated with AMFI.