Anand Rathi Share and Stock Brokers Ltd.'s initial public offering (IPO) has witnessed a robust response from investors, with the issue being oversubscribed 20.66 times. The Rs 745.00 crore IPO, which consists entirely of a fresh issue of 1.8 crore shares, received bids for 27.60 crore shares against the 1.33 crore shares on offer.

Subscription Details

The strong demand for the IPO was evident across all investor categories:

Key Dates and Information

• Allotment Date: September 26, 2023
• Listing Date: September 30, 2023 (on BSE and NSE)
• Book Running Lead Manager: Nuvama Wealth Management
• Registrar: MUFG Intime India

Allotment Status

Investors can check their allotment status through the following channels:

• BSE website
• NSE website
• Registrar's website (MUFG Intime India)

Company Profile

Anand Rathi Share and Stock Brokers Ltd., incorporated in 1991, is a well-established financial services provider. The company offers a range of services including:

• Broking services
• Margin trading
• Financial product distribution

These services span across various financial markets:

• Equities
• Derivatives
• Commodities
• Currency markets

The successful oversubscription of the IPO indicates strong investor confidence in Anand Rathi Share and Stock Brokers' business model and growth prospects. As the company prepares for its stock market debut, market participants will be keenly watching its performance post-listing.

The Initial Public Offering (IPO) of Anand Rathi Share & Stock Brokers Ltd. has captured investor attention with its grey market performance, despite a tepid start to its subscription period. The IPO, which opened for subscription on September 23, has seen its grey market premium reach new heights, indicating potential listing gains for investors.

Grey Market Premium Hits Rs 45

As of September 24 morning, the grey market premium for Anand Rathi Share & Stock Brokers Ltd.'s IPO reached Rs 45, marking the highest recorded premium for this offering so far. With the upper price band set at Rs 414, the estimated listing price stands at Rs 459, suggesting potential listing gains of 10.87% for investors.

Subscription Status

Despite the bullish grey market sentiment, the IPO's subscription figures paint a different picture:

The overall subscription rate stood at 0.41 times on Day 1, indicating a slow start to the public offering.

IPO Details

• Issue Size: Rs 745 crore
• Offer Type: Fresh issue of 1.8 crore shares
• Price Band: Rs 393 - Rs 414 per share
• Subscription Period: September 23 - September 25
• Tentative Allotment Date: September 26
• Listing Date: September 30 (Scheduled)
• Listing Venues: BSE and NSE

Company Background

Anand Rathi Share and Stock Brokers, incorporated in 1991, is a well-established name in the financial services sector. The company offers a wide range of services including:

• Broking services
• Margin trading
• Financial product distribution

These services span across various financial markets:

• Equities
• Derivatives
• Commodities
• Currency markets

Investor Outlook

The contrast between the muted subscription numbers and the high grey market premium presents an interesting scenario for potential investors. While the grey market suggests strong listing gains, the actual subscription figures indicate a cautious approach from institutional investors.

As the IPO enters its final days of subscription, all eyes will be on whether the subscription rates pick up, particularly among Qualified Institutional Buyers, whose participation often sets the tone for retail investors.

Investors are advised to conduct thorough research and consider their risk appetite before making investment decisions. The grey market premium, while indicative, is not an official metric and can be subject to fluctuations.

With the subscription window closing on September 25 and the listing scheduled for September 30, market participants will be keenly watching how this IPO unfolds in the coming days.