Anand Rathi IPO listing tomorrow: Here’s what GMP, subscription status, hint ahead of debut

Anand Rathi IPO listing date has been scheduled for tomorrow (Tuesday, September 30). Anand Rathi IPO allotment was finalised on Friday, September 26. For those who have been allocated shares, the crediting of shares to demat accounts will occur today, Monday, September 29. The process of refunding those who have not yet received their shares will likewise be finished today.

Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers Ltd opened for subscription from Tuesday, September 23 to Thursday, September 25. By the conclusion of the bidding period, the offering received a healthy response, particularly from qualified institutional buyers (QIBs) who subscribed 43.80 times, followed by non-institutional investors (NIIs) at 28.60 times. Retail investors showed a subscription rate of 4.78 times. Notably, on the third day of the IPO, the Anand Rathi IPO subscription status stood at 20.66 times, as reported by the BSE.

Anand Rathi IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

Anand Rathi IPO price band was set in the range of ₹393 to ₹414 apiece of the face value of ₹5. Bids could be placed for multiples of 36 shares, or at least 36 shares.

Anand Rathi IPO GMP today

Let's check what does Anand Rathi IPO GMP today signal ahead of listing.

Anand Rathi IPO GMP today is ₹30. This indicates Anand Rathi share price was trading at a premium of ₹30 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Anand Rathi share price was indicated at ₹444 apiece, which is 7.25% higher than the IPO price of ₹414.

Based on the last 15 sessions of grey market activities, the current GMP ( ₹30) indicates a trend towards the lower end. The minimum GMP recorded is ₹0.00, while the maximum GMP has been ₹70, as per expert opinions.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Anand Rathi IPO details

The IPO of the broking firm comprises solely new shares being issued, with no component for the sale of existing shares (OFS).

The funds raised from the IPO, amounting to ₹550 crore, will be directed towards the company's long-term working capital needs, with some being allocated for general corporate uses.

Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are serving as the lead managers for this offering.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.