Synopsis
The quota reserved for retail bidders was subscribed 5.9 times, whereas the non-institutional investor’s portion was subscribed over 4.4 times.
iStockNew Delhi: The initial public offering (IPO) of Anand Rathi Wealth (ARWL) saw a decent response from the investors on the last day of the bidding process on Monday. The issue was fully subscribed on day one itself.
The issue received nearly 4 times bids as of 11.35 am, data on BSE showed. Investors have bid for 3,25,43,019 equity shares against the total offering of 84,75,000 shares. The company is selling shares in the range of Rs 530-550 in its initial stake sale.
The quota reserved for retail bidders was subscribed 5.9 times, whereas the non-institutional investor’s portion was subscribed over 4.4 times. Qualified institutional investors made bids for 17 per cent of their portion so far.
The company has reserved 2.5 lakh equity shares for the eligible employee, whose quota was subscribed 75 per cent. They will be given a discount of Rs 25 a piece over the issue price.
At the upper range of the price band, the company is eyeing to raise Rs 660 crore via the primary market.
A majority of analysts are positive on the issue given its conservative valuations compared to its peers and robust growth opportunities in the future.
Brokerage firm ICICI Securities is positive on the space and assigned a ‘Subscribe’ to the IPO. The brokerage said that it is a play on the wealth management business where the ultra HNI segment is witnessing significant growth.
“Valuation looks reasonable as at the upper end of the price band, the company is valued at 7.5 per cent AUM and 18.7 times EPS,” it added. “The closest listed peer IIFL Wealth also offers healthy growth potential.”
Anand Rathi Wealth garnered Rs 193.87 crore from anchor investors as the company informed the bourses that it has allocated 35,25,000 shares at Rs 550 per share to anchor investors.
SBI Mutual Fund, ICICI Pru Mutual Fund, Franklin Templeton Mutual Fund, DSP Mutual Fund, Kotak Mutual Fund, Invesco Mutual Fund, Canara Robeco Mutual Fund, Nippon Mutual Fund, Abakkus, Quant Mutual Fund, MK Cohesion, Rajasthan Global are among the investors that participated in the anchor book.
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SynopsisThe quota reserved for retail bidders was subscribed 5.9 times, whereas the non-institutional investor’s portion was subscribed over 4.4 times. iStockBrokerage firm ICICI Securities is positive on the space and assigned a ‘Subscribe’ to the IPO. The brokerage said that it is a play on the wealth management business where the ultra HNI segment is witnessing significant growth.New Delhi: The initial public offering (IPO) of Anand Rathi Wealth (ARWL) saw a decent response from the investors on the last day of the bidding process on Monday. The issue was fully subscribed on day one itself. The issue received nearly 4 times bids as of 11.35 am, data on BSE showed. Investors have bid for 3,25,43,019 equity shares against the total offering of 84,75,000 shares. The company is selling shares in the range of Rs 530-550 in its initial stake sale. The quota reserved for retail bidders was subscribed 5.9 times, whereas the non-institutional investor’s portion was subscribed over 4.4 times. Qualified institutional investors made bids for 17 per cent of their portion so far. The company has reserved 2.5 lakh equity shares for the eligible employee, whose quota was subscribed 75 per cent. They will be given a discount of Rs 25 a piece over the issue price. At the upper range of the price band, the company is eyeing to raise Rs 660 crore via the primary market. A majority of analysts are positive on the issue given its conservative valuations compared to its peers and robust growth opportunities in the future. Brokerage firm ICICI Securities is positive on the space and assigned a ‘Subscribe’ to the IPO. The brokerage said that it is a play on the wealth management business where the ultra HNI segment is witnessing significant growth. “Valuation looks reasonable as at the upper end of the price band, the company is valued at 7.5 per cent AUM and 18.7 times EPS,” it added. “The closest listed peer IIFL Wealth also offers healthy growth potential.” Anand Rathi Wealth garnered Rs 193.87 crore from anchor investors as the company informed the bourses that it has allocated 35,25,000 shares at Rs 550 per share to anchor investors. SBI Mutual Fund, ICICI Pru Mutual Fund, Franklin Templeton Mutual Fund, DSP Mutual Fund, Kotak Mutual Fund, Invesco Mutual Fund, Canara Robeco Mutual Fund, Nippon Mutual Fund, Abakkus, Quant Mutual Fund, MK Cohesion, Rajasthan Global are among the investors that participated in the anchor book. (What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.) Download The Economic Times News App to get Daily Market Updates & Live Business News.Pick the best stocks for yourself Powered by 3 mins read2 mins read2 mins read3 mins read4 mins read3 mins read3 mins read5 mins read