The initial public offering of Anand Rathi Wealth, one of the leading non-bank wealth solutions firms in India, has been subscribed 9.78 times on December 6, the final day of bidding, garnering bids for 8.29 crore equity shares against the IPO size of 84.75 lakh equity shares.
The reserved portion for qualified institutional buyers was subscribed 2.5 times, and that of non-institutional investors saw 25.42 times subscription.
Retail investors continued to provide strong support to the issue with their allotted quota being subscribed 7.76 times, and employees have put in bids 1.32 times the portion set aside for them.
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Half of the offer size is reserved for qualified institutional investors, 35 percent for retail investors, and the remaining 15 percent for non-institutional investors. The company has reserved 2.5 lakh equity shares for its employees, at a discount of Rs 25 per share to the final offer price.
Anand Rathi Wealth is planning to garner Rs 660 crore through its public issue that is entirely an offer for sale. The price band for the offer, which opened on December 2, has been fixed at Rs 530-550 per equity share.
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"The non-annualized EPS for the five months ending August 2021 stands at Rs 12.25 versus FY21 EPS of Rs 10.85. We recommend a subscribe rating on the IPO," says Emkay Global.
The company is mainly into wealth management, via its private wealth (PW vertical, with total assets under management of Rs 29,472 crore as on August 31. The AUM comprises mutual fund schemes and other financial products such as bonds, MLDs and other securities held by clients in their own demat accounts.
In addition to the PW vertical, it has two other new-age technology led business verticals - Digital Wealth and Omni Financial Advisors.
The company is currently present in 11 cities in India - Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida. It has a representative office in Dubai as well.
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