The initial public offering (IPO) of Anand Rathi Share & Stock Brokers Ltd., which opened for subscription on Tuesday, September 23, received a muted response from investors, as the mainboard issue was booked only 0.41 times on first day.
The IPO was booked 0.75 times as of 1:00 p.m. on Wednesday.
Amid the buzz, the unlisted shares have been trading at a premium in the grey market (GMP), suggesting potential listing gains for investors.
The subscription period for Anand Rathi Share & Stock Brokers Ltd. IPO will close on September 25.
Here's a look at what the latest GMP trends indicate for the mainboard issue of Anand Rathi Share.
Anand Rathi Share IPO GMP
The grey market premium (GMP) for Anand Rathi Share IPO was Rs 43, as of 12:01 p.m. on September 24. With the upper end of the price band at Rs 414, the IPO's estimated listing price is Rs 457 (cap price plus today's GMP), indicating an expected listing gain of 10.39% per share.
This is the highest GMP recorded for the IPO so far.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Anand Rathi Share & Stock Brokers IPO Details
According to BSE, on September 23, the Anand Rathi Share IPO was subscribed 0.41 times. QIB's subscribing 0.01 times, NII's subscribing 0.53 times and Retail Investors subscribing 0.53 times.
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. Nuvama Wealth Management Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar for the issue.
The tentative allotment 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. The IPO is tentatively slated to list on the BSE and NSE on Tuesday, September 30.
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.
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.
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