Anand Rathi Wealth IPO Subscription Status: Subscribed 3 times on Day 2 of offer

The initial public offer of Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi, received 3.02 times subscription on the second day of share-sale on Friday.

The Rs 660-crore initial share-sale received bids for 2,55,81,204 shares against 84,75,000 shares on offer, according to NSE data.

The category meant for retail individual investors received 4.77 times subscription, while non-institutional investors portion got 3.06 times and Qualified Institutional Buyers (QIBs), 17 per cent.

The initial public offer (IPO) of up to 1,20,00,000 equity shares comes in a price range of Rs 530-550 per share.

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The IPO of Anand Rathi Wealth was fully subscribed on the first day of subscription on Thursday.

Anand Rathi Wealth on Wednesday said it has raised Rs 194 crore from anchor investors.

It operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

The equity shares of the company will be listed on BSE and NSE.

Equirus Capital, BNP Paribas, IIFL Securities and Anand Rathi Advisors are the managers to the offer.