Anand Rathi share price makes a lukewarm debut, stock opens with a 4.35% premium at ₹432 apiece on NSE

Anand Rathi share price made a lukewarm debut on the bourses today, Tuesday, September 30. On NSE, Anand Rathi share price opened at ₹432 per share, 4.35% higher than the issue price of ₹414. On BSE, the stock opened at ₹432.10 apiece, up 4.37% than the issue price.

The initial public offering of Anand Rathi Group’s brokerage division, Anand Rathi Share and Stock Brokers Ltd, achieved a subscription rate of 20.66 times on the final day of bidding, which was Thursday. The segment designated for qualified institutional buyers (QIBs) was subscribed 43.80 times, while the portion allocated for non-institutional investors received 28.60 times subscription. The retail individual investors (RIIs) segment saw a subscription rate of 4.78 times.

On Monday, Anand Rathi Share and Stock Brokers announced that it had secured just over ₹220 crore from anchor investors.

Anand Rathi IPO date of subscription was scheduled for Tuesday, September 23 and will close on Thursday, September 25. Anand Rathi IPO price band was fixed in the range of ₹393 to ₹414 per equity share of the face value of ₹5.

Anand Rathi IPO 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 GMP today

Anand Rathi IPO GMP today or grey market premium is ₹31. This indicates Anand Rathi share price were trading at a premium of ₹31 in the grey market on Tuesday, 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 ₹445 apiece, which is 7.49% higher than the IPO price of ₹414.

According to the activities in the grey market over the past 16 sessions, the present GMP ( ₹31) indicates a trend towards decline. The minimum GMP recorded is ₹0.00, whereas the maximum GMP is ₹70, as per expert analysis.

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

Anand Rathi IPO details

Anand Rathi IPO from the broking firm consists solely of newly issued shares, with no component for an offer for sale (OFS). The proceeds, amounting to ₹550 crore, will be directed toward addressing the company's long-term working capital needs, while a portion will also be allocated for general corporate uses.

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

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