Anand Rathi Wealth IPO subscribed nearly 10 times on final day, led by strong demand from NII

Led by strong Non-Institutional Investors demand, the initial public offer of Anand Rathi Wealth was subscribed 9.78 times on the final day of bidding. The company is one of the leading non-bank wealth solutions firms in India. 

The IPO received an overwhelming response as the offer received bids for 8,29,21,509 shares against the offered 84,75,000 equity shares, as per the 5:00 pm data available on the BSE.  

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Retail and Non-Institutional Investors were among the most enthusiastic among the category of investors. The former received bid 7.76 times and the latter was subscribed 25.42 times on the BSE. 

Similarly, the Qualified institutional buyers' portion was subscribed 2.50 times and the portion reserved for employees was subscribed 1.32 times on the BSE. 

The IPO was fully subscribed on the first day itself and subsequently, it was subscribed 3.02 times on the second day. 

The offer was entirely an offer for sale (OFS) shares with a face value of Rs 10 each, existing shareholders and promoters are offloading 1,20,00,000 shares in the range of Rs 530-550 apiece.  

Anand Rathi Wealth on Wednesday raised Rs 194 crore from 12 anchor investors, who were allotted 35,25,000 equity shares at the upper price band of Rs 550 per share. 

Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited and Anand Rathi Advisors Limited were the book running lead managers to the Offer. Brokerage Houses like ICICI Direct, Marwadi Financial Services and Nirmal Bang had given recommendations of “subscribe” to the issue.  

Anand Rathi Wealth commenced activities in FY02 as an AMFI registered mutual fund distributor and has evolved into providing well researched solutions to clients by facilitating investments in financial instruments, with presence in 11 cities in India and a representative office in Dubai. 

Anand Rathi Wealth reported profit of Rs 45.09 crore in FY21, lower than Rs 61.61 crore in the previous year. Revenue also declined to Rs 265.33 crore from Rs 331.83 crore in the same period.