Anand Rathi Wealth had raised Rs 194 crore from anchor investors.
New Delhi: Shares of Anand Rathi Wealth witnessed a positive start in the debut trading session on Tuesday. The stock got listed at Rs 602.05 on the BSE index, a 9.46 per cent premium over its issue price of Rs 550. On the NSE platform, the scrip opened at Rs 600, a premium of 9.09 per cent.
The initial public offer (IPO) of the non-bank wealth solutions provider had received 9.78 times subscription by the closing day (December 6).
The Rs 660-crore IPO had received bids for 8,29,21,509 shares against 84,75,000 shares on offer.
The category for non-institutional investors was subscribed 25.42 times, Retail Individual Investors (RIIs) 7.76 times and Qualified Institutional Buyers (QIBs) 2.50 times.
The initial public offer of up to 12,000,000 equity shares had a price range of Rs 530-550 per share. The minimum lot size was of 27 equity shares, and in multiples of 27 equity shares thereafter.
The company had raised Rs 194 crore from anchor investors.
Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services. It has been ranked amongst the top three non-bank mutual fund distributors in the country.
The company offers a wide product portfolio of wealth solutions, financial product distribution, and technology solutions to its clients.
Equirus Capital Private, BNP Paribas, IIFL Securities and Anand Rathi Advisors are the book running lead managers to the issue while Link Intime is the registrar to the issue.
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