Anand Rathi Share and Stock Brokers IPO: What Does Grey Market Premium (GMP) Signal Ahead Of Listing?
The unlisted shares of Anand Rathi Share have been trading at a premium in the grey market, suggesting potential listing gain for investors of up to 9%.
The initial public offering (IPO) of Anand Rathi Share & Stock Brokers Ltd., which opened for subscription on Tuesday, September 23, will conclude its subscription process today, September 25.
The IPO was booked 2.22 times as of 12:09 p.m. on Thursday. Investors bid for 2,97,01,044 shares against the 1,33,63,342 on offer.
Amid the buzz, the unlisted shares have been trading at a premium in the grey market (GMP), suggesting potential listing gains for investors.
As the Day 3 subscription gets underway, the GMP for Anand Rathi Share & Stock Brokers Limited remains in focus on the final day of bidding.
Anand Rathi Share IPO GMP Today
The grey market premium (GMP) for Anand Rathi Share IPO was Rs 35, as of 11:30 a.m. on September 25. With the upper end of the price band at Rs 414, the IPO’s estimated listing price is Rs 449 (cap price plus today’s GMP), indicating an expected listing gain of 8.45% per share.
This means the unlisted shares of Anand Rathi Share and Stock Brokers were trading at Rs 449 per share in the private market. Investors bidding for the public issue can expect a potential gain of up to 9% when the stock debuts on the market next week.
The highest GMP recorded for the IPO was Rs 45 when the IPO opened for subscription on Tuesday.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Anand Rathi Share & Stock Brokers IPO Details
The Anand Rathi Share IPO is a book-built issue of Rs 745 crore, consisting entirely of a fresh issue of 1.8 crore shares.
The price band for the IPO has been set between Rs 393 and Rs 414 per share.
The lot size for an application is 36. The minimum amount of investment required by a retail investor is Rs 14,904.
The mainboard issue was fully subscribed on Day 2 after receiving a muted response from investors on Day 1.
Nuvama Wealth Management Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar for the issue.
Anand Rathi Share and Stock Brokers Ltd., incorporated in 1991, is a brokerage firm. The company provides broking services, margin trading and financial product distribution under the ‘Anand Rathi’ brand, helping clients invest in equities, derivatives, commodities and currency markets.
Anand Rathi Share & Stock Brokers IPO: Allotment And Listing Date
The allotment status for the Anand Rathi Share IPO is scheduled for Friday, September 26, with refunds and credit of shares to demat accounts expected on Monday, September 29.
Shares of Anand Rathi Share & Stock Brokers are tentatively slated to list on the BSE and NSE on Tuesday, September 30.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
