Mumbai-based Anand Rathi Share and Stock Brokers has mobilised Rs 220.5 crore from 15 anchor investors on September 22, of its Rs 745-crore initial public offering (IPO).
The maiden public issue, which comprises of entirely fresh issue, will open for subscription on September 23 and close on September 25. The price band for the offer is Rs 393-414 per share.
"...has finalised allocation of 53,26,086 equity shares to anchor investors at Rs 414 per equity share," the stock broker in its filing to exchanges said.
HDFC Mutual Fund, Kotak Mahindra AMC, Quant Mutual Fund, Aditya Birla Sun Life AMC, SBI Life Insurance, and Singularity AMC were the largest investors amongst them, each picking 4.85 lakh shares for Rs 20.08 crore.
Further, Morgan Stanley, Pinebridge Global Fund, Kotak Mahindra Life Insurance, and 360 ONE, each bought 3.62 lakh shares worth Rs 15 crore of Anand Rathi.
Among others, Bandhan AMC, Sanshi Funds, BNP Paribas, ITI Mutual Fund, and Rajasthan Global Securities also invested in the company via anchor book.
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The stock broker will spend Rs 550 crore of IPO funds mainly for its long-term working capital requirements and will set aside the remaining amount for general corporate purposes.
Anand Rathi Share, which seeks valuation of nearly Rs 2,600 crore, provides broking services, margin trading facility and distribution of financial products under its brand Anand Rathi.
Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are acting as the merchant bankers for Anand Rathi Share and Stock Brokers IPO.
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