Anand Rathi Share and Stock Brokers, of brokerage arm Anand Rathi Group, has filed the draft red herring prospectus (DHRP) with SEBI to raise ₹745 crore via initial public offering (IPO).
The IPO is entirely fresh issue of equity shares of face value ₹5 each, aggregating up to ₹745 crore. The issue will be made through a book-building process, wherein not more than 50 per cent of the issue will be allocated to qualified institutional buyers (QIBs), not less than 15 per cent to non-institutional investors (NIIs) and not less than 35 per cent to retail individual investors.
According to the DHRP, the company, in consultation with BRLMs, may consider pre-IPO placement of specified securities aggregating up to ₹149 crore. The amount raised will be deducted from the fresh issue.
Proceeds from the issue up to ₹550 crore will be used to fund long-term working capital requirements of the company and general corporate purposes. The latter will not exceed 25 per cent of the gross proceeds.
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The book-running lead managers of the issue are Nuwama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors, while Link Intime India Pvt Ltd is the registrar to the issue.
The shares are proposed to be listed on the National Stock Exchange and the BSE.
Anand Rathi Share and Stock Brokers Limited (originally incorporated as Navratan Capital and Securities Pvt Ltd), now a public limited company, has its registered office in Mumbai, Maharashtra. It provides a slew of financial services, such as brokerage services, margin trading, and distribution of financial products, under the brand name ‘Anand Rathi.’