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Anand Rathi Wealth IPO subscription status Day 1: Issue subscribed 1.6 times, retail portion booked 2.45 times - Highlights
Anand Rathi Wealth has fixed a price band of Rs 530-550 per share for the IPO.
Anand Rathi Wealth IPO, which opened on Thursday, has been subscribed 1.6 times around 05:00 pm on Day 1. The issue received bids for 1,36,00,818 shares, against 84,75,000 shares on offer, as per the BSE data.
The retail portion of the initial public offer (IPO) subscribed most by 2.45 times around the same time. The Retail Individual Investors (RIIs) saw bidding for 1,00,69,380 shares, against 41,12,500 stocks reserved for this category.
2.50 pm: Anand Rathi Wealth IPO was fully subscribed, while retail portion was about to see double subscription as the retail investors subscribed the issue 1.77 times so far
2.00 pm: The issue appears to have slowed down after picking up aggresively this morning. The issue has been subscribed 0.89 times, while retail investors, who have been leading the subscription, booked the issue 1.5 times.
1.00 pm: Overall subscription stands at 0.77 times. Retail portion sees 1.33 times bidding so far
12: 25 pm: Non Institutional Investors have also shown interest in this IPO as the NIIs quota has alreday booked half the size allotted for them. NIIs portion witnessed 0.50 times subscription as 8,81,685 shares were bid for against the total size of 17,62,500 shares.
12 pm: Anand Rathi Wealth IPO saw good response from investors on Day 1. The was was booked 60%, while retail portion was fully subscribed on Day 1.
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Talking about this IPO, Arihant Capital recommended to subscribe the issue. "At the upper price band of Rs 550, the issue has been valued at a P/BV and a P/E multiple of 9.4x and 51x to its FY21 NAV of Rs 58.5 and EPS of Rs 10.9, respectively. The company has healthy fundamentals, good return ratios and has recorded strong AUM growth. The pricing of the IPO is a tad expensive compared to its peers. We recommend investors to subscribe for this IPO for listing gains," highlighted the report.
The three-day Rs 660-crore initial public offer will conclude on December 6, 2021. Anand Rathi Wealth has fixed a price band of Rs 530-550 per share for the IPO. The initial share sale is entirely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders.
The issue includes a reservation of 2.5 lakh equity shares for employees.
About the IPO, at the upper end of the price band, the initial share sale is expected to fetch Rs 660 crore.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, while 35 per cent has been set aside for retail investors.
The Investors can bid for a minimum of 27 equity shares and in multiples of thereafter.
Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products. The company commenced activities in fiscal 2002 and is AMFI registered mutual fund distributor.
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