Angel Broking Limited, the leading retail broking house in India has filed its DRHP with SEBI. The initial public offer (IPO) will comprise equity shares of face value Rs10 each of Angel Broking Limited aggregating up to Rs600cr.
The IPO includes fresh issue aggregating up to Rs300cr and an offer for sale aggregating up to Rs20.1cr by Ashok D. Thakkar, equity shares aggregating up to Rs3.1cr by Sunita A. Magnani, up to Rs120cr by IFC, and up to Rs156cr by individual selling shareholders.
The proceeds from the net issue will be utilized to meet working capital requirements (Rs230cr) and the rest for general corporate purposes. ICICI Securities Limited, Edelweiss Financial Services Limited, and SBI Capital Markets Limited are the book running lead managers to the issue.
About Angel Broking
Angel Broking is one of the largest independent full-service retail broking houses in India, in terms of active clients on the NSE as of July 31, 2018 (Source: CRISIL Report). It is a technology-led financial services company that provides broking and advisory services, margin funding, loans against shares, and financial products distribution to its clients under the brand “Angel Broking." Its broking services are offered through (i) online and digital platforms, and (ii) a network of more than 11,000 sub-brokers, as of June 30, 2018. As of June 30, 2018, the company managed Rs11,302cr in client assets and over 11.1 lakh active broking accounts.