Angel One soars over 6% after stockbroking firm launches QIP

Angel One share price: Angel One shares dipped in the morning session but made a fast recovery to go higher by over six per cent on BSE on Wednesday (March 27, 2024) after it launched its Qualified Institutions Placement (QIP) offer.

The stock, which opened at Rs 2748.95 on Wednesday after the previous close of Rs 2727.60, dipped by 2.69 per cent minutes after the trading session started. 

But it made a quick recovery and rose by 6.07 per cent to the day's high of Rs 2893.25.

The stock was trading higher by 5.50 per cent, or Rs 150.10, at Rs 2,877.70 at 10:09 am on Wednesday.

What is Angel One's QIP offer?

Angel One said in a statement on Tuesday that its Securities Issuance Committee has, at its meeting held today, i.e., March 26, 2024, inter alia, considered and approved the following resolutions:

a. Authorising the opening of the issue today, i.e., March 26, 2024.

b. Approving and adopting the preliminary placement document dated March 26, 2024, together with the application form in connection with the issue; and

c. Approving the floor price for the issue, being Rs 2555.01 per equity share (“Floor Price”), based on the pricing formula as prescribed under the SEBI ICDR Regulations.