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Anand Rathi Wealth IPO subscribed by 9.78 times on Day 3; HNIs portion books subscription of 25.42 times

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 bourses.

December 07, 2021 10:00 IST | India Infoline News Service
Initial Public Offer, IPO
The initial public offering of Anand Rathi Wealth, one of the leading non-bank wealth solutions firms in India, was subscribed 9.78 times on the final day of bidding saw strong response from Retail and Non Institutional Investors, despite the broader market falling 950 points and the benchmark index falling below the psychological mark of 57,000.

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 bourses. Retail and Non Institutional Investors were among the most enthusiastic among the category of investors.

Retail investors had put in bid 7.76 times the shares reserved for them, while the part set aside for non-institutional investors was subscribed 25.42 times. Qualified institutional buyers portion was subscribed 2.50 times and the portion reserved for employees was subscribed 1.32 times.

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

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

The offer for sale includes up to 9,285,000 equity shares by Anand Rathi Financial Services Limited, up to 375,000 equity shares by Anand Rathi and up to 375,000 equity shares by Pradeep Gupta (Together with the “Promoter Selling Shareholders”) and up to 375,000 equity shares by Amit Rathi, up to 375,000 equity shares by Priti Gupta, up to 375,000 equity shares by Supriya Rathi, up to 375,000 equity shares by Rawal Family Trust, up to 90,000 equity shares by Jugal Mantri, and up to 375000 equity shres by Feroze Azeez (Together with other selling shareholders).

On Wednesday, Anand Rathi Wealth 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.

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.

Out of the total allocation of 35,25,000 equity shares to the anchor investors 31,58,022 equity shares were allocated to mutual funds through schemes amounting to Rs 173.69 crore i.e. 89.59% of the Total Anchor Book Size.

Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited and Anand Rathi Advisors Limited were the book running lead managers to the Offer.

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.

The company provides services primarily through its flagship Private Wealth (PW) vertical where it managed Rs 29,472 crore in AUM as on August 2021, which grew at a CAGR of 22.47 percent from FY19. Its private wealth vertical caters to 6,564 active client families, serviced by a team of 233 relationship managers.

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