Non-institutional investors led bidding for shares of Anand Rathi Wealth Ltd. on the final day of its Rs 660-crore initial public offer.
The IPO was fully subscribed on the first day, and demand reached 3.02 times on the second day.
The wealth manager, which distributes 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.
The issue was a pure offer for sale and the money raised will go to the promoters and selling shareholders, not to the company.
Subscription Details: Day 3
The IPO was subscribed 9.78 times as of 5 p.m. on Dec. 6.
Institutional investors: 2.5 times.
Non-institutional investors: 25.42 times.
Retail investors: 7.76 times.
Employees: 1.32 times.
Research Report on Anand Rathi IPO:
Anand Rathi Wealth IPO — A Play On Structural Wealth Management Business: ICICI Direct
Anand Rathi Wealth IPO - Healthy Prospects; Valuations Look Pricey: Reliance Securities
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