The highly anticipated IPO of Anand Rathi Wealth Services has officially opened today, and the response has been impressive. As of day one, the IPO has already received a subscription of 12%, indicating a strong interest from investors.
Anand Rathi Wealth Services, a leading financial services firm, is offering 1.2 crore shares at a price range of Rs 530-550 per share. The IPO is expected to raise around Rs 424 crore, with a minimum bid of 27 shares.
The IPO has received a positive response from both retail and institutional investors. As of day one, the retail portion has been subscribed 17%, while the non-institutional portion has been subscribed 5%. The institutional portion, which includes qualified institutional buyers, has been subscribed 12%.
The IPO will remain open for subscription until September 4, 2020. Investors can bid for a minimum of 27 shares and in multiples of 27 thereafter. The company plans to use the funds raised from the IPO for business expansion and to meet its working capital requirements.
Anand Rathi Wealth Services has a strong track record of providing a wide range of financial services, including wealth management, investment banking, and corporate advisory. With a presence in over 120 cities in India and a client base of over 10,000, the company has established itself as a trusted name in the financial services industry.
The IPO has been managed by Axis Capital and Edelweiss Financial Services, and the shares will be listed on both BSE and NSE.
Investors are advised to carefully consider all aspects of the IPO before making any investment decisions. With the strong response seen on day one, it is expected that the IPO will continue to attract a high level of interest from investors. Stay tuned for further updates on the Anand Rathi IPO.