Angel Broking IPO Subscribed 76% On Day 1
Angel Broking's IPO or initial public offer was subscribed 76 per cent on Tuesday, the first day of bidding. The brokerage's IPO is worth Rs 600 crore, and will remain open for subscription till Thursday, September 24. This makes Angel Broking the firm brokerage firm in the country to go public in past 10 years. Mumbai-based Angel Broking has set a price band of Rs 305-306 per share for the initial public offer. (Also Read: Sensex Falls 300 Points Amid Selloff Across Sectors)
At the end of first day of bidding, 1.05 crore bids were received for its total issue size of 1.38 crore shares, marking a subscription of 76.26 per cent, data from the NSE showed.
Angel Broking shares will be listed on stock exchanges BSE and NSE on October 5.
The company plans to utilize the funds raised through the IPO towards general corporate purposes.
Investors can purchase between one to 13 lots of shares under the public offer.
On Monday, Angel Broking raised Rs 180 crore from 12 anchor investors.
(Also Read: Should You Invest In Angel Broking IPO? Here's What Analysts Say)
Angel Broking is one of the largest retail broking houses in the country in terms of active clients. It provides broking services across equity, commodity and currency segments, and also facilitates the opening of demat accounts for its clients.
Angel Broking is the latest company to tap the country's IPO market, which has picked up momentum following a lukewarm start to the year.Â
(Also Read:Â Happiest Minds Technologies Shares Make Strong Debut)
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