The Rs 660-crore initial public offering of Anand Rathi Wealth Ltd. continued to see healthy demand on the second day of bidding.
The IPO was fully subscribed on the first day, led by retail investors.
The wealth manager, which is into distribution of mutual funds and structured products, including market-linked debentures to high net worth investors, has set a price band of Rs 530-550 apiece. The firm is seeking a market value of Rs 2,288.9 crore at the upper end of the price band.
The issue is a pure offer for sale, hence, the money raised will go to the promoters and selling shareholders and not to the company. The IPO is set to close on Dec. 6.
Subscription Details: Day 2
The IPO was subscribed 3.02 times as of 5 p.m. on Dec. 3.
Institutional investors: 0.17 times.
Non-institutional investors: 3.06 times.
Retail investors: 4.77 times.
Employees: 0.66 times.
Research Reports On Anand Rathi Wealth IPO:
A Play On Structural Wealth Management Business: ICICI Direct
Healthy Prospects; Valuations Look Pricey: Reliance Securities
Watch BloombergQuint's IPO Adda with Anand Rathi Wealth's management:
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