Angel Broking made a disappointing debut on Monday, listing at a discount of 10 per cent at Rs 275 on the BSE Sensex and NSE Nifty, against the issue price of Rs 306. The shares went on to touch an intra-day low of Rs 256.60 on the BSE and Rs 257 on the NSE, down as much as 17 per cent respectively. At 10:27 am, the shares of Angel Broking had recouped some of their losses and were trading at Rs 290.60, down 5.03 per cent on the Sensex and Rs 290.80, down 4.9 per cent on the Nifty.
The Rs 600 crore crore IPO of Angel Broking had received a muted response from investors. The public offer of the broking firm was subscribed 3.94 times; it had received bids for 5.4 crore equity shares vis-a-vis the offer size of 1.37 crore equity shares, according to data available with the stock exchanges. The retail category was subscribed 4.31 times, qualified institutional buyers portion received bids worth 5.74 times and non-institutional investors category, 69 per cent.
Angel Broking IPO was open for bidding between September 22 and September 24. The public offer included fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by the promoters.
ICICI Securities, Edelweiss Capital and SBI Capital Markets were the lead managers for the public offering, and Link Intime India was the registrar to the issue.
Angel Broking was Incorporated in 1996 and is among the oldest stock broking houses in the country. It provides broking, advisory and financial services to the investors. Dinesh D. Thakkar, Ashok D. Thakkar and Sunita A. Magnani are the The promoters of Angel Broking.
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