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The wealth management arm of Anand Rathi Financial Services, Anand Rathi Wealth is set to raise Rs 660 crore via its IPO (initial public offer). Here are all the details that you need to know about the company.
Open and close date: The offer will open for subscription on December 02 and the bidding will close on December 3.
Price band: The price band for the wealth management firm has been fixed at Rs 530 – 550 per share having a face value of Rs 5.
Lot size: Investors can bid for a minimum of 27 equity shares and in multiples, thereafter, translating to a minimum bidding amount of Rs 14,850 at the higher end of the price band. A retail investor can at max apply for 13 lots or 351 shares for Rs 1,93,050.
Issue size: The Rs 660-crore public offer is entirely an OFS (offer for sale) by the existing shareholders.
As a part of the offer for sale, y Anand Rathi Financial Services, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez.
Objective of issue: Since the issue is pure OFS none of the IPO proceeds will be going to the company’s book.
What’s in it for retail investors: Not more than 50% of the total offer has been reserved for qualified institutional buyers, up to 35% for retail investors, and the rest 15% for non-institutional buyers.
About the company: Anand Rathi Wealth is one of the leading non-bank wealth solutions firms in India and has been ranked amongst the top three non-bank mutual fund distributors in the country. The company offers a wide product portfolio of wealth solutions, financial product distribution, and technology solutions to its clients. The company provides services primarily through its flagship Private Wealth (PW) vertical where it manages Rs 29472 crore in AuM as of August 31, 2021.
Book running lead managers and registrar to the IPO: The book running lead managers to the issue are Anand Rathi Securities, BNP Paribas, Equirus Capital, and IIFL Securities. The registrar to the issue is Link Intime.
Issue timeline: The issue is likely to finalize the basis of allotment by December 09, and the initialization of refunds will take place by December 10. While the credit of equity shares to depository accounts of the allottee will be done on December 13. The private insurance company is expected to make its stock market debut on December 14, 2021.