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Angel Broking raises Rs 180 crore via 12 anchor investors ahead of IPO

Angel Broking finalised allocation of 58,82,352 equity shares to 12 anchor investors, at Rs 306 per share, or at the upper end of its price band of Rs 305-306 per share

September 22, 2020 / 02:10 PM IST

Angel Broking on September 21 raised Rs 180 crore from 12 anchor investors, ahead of its maiden public issue opening tomorrow.

The company said, after consultation with merchant bankers, it finalised allocation of 58,82,352 equity shares to 12 anchor investors, at Rs 306 per share, or at the upper end of its price band of Rs 305-306 per share.

Marquee investors that invested in the company's anchor book included Goldman Sachs India, Macquarie Fund Solutions, Invesco Trustee, Max Life Insurance company, ICICI Prudential, HDFC Mutual Fund, and Sundaram MF.

Angel Broking is looking to raise Rs 600 crore via its initial public offering (IPO), which will open on September 22 and close on September 24.

Also read: Angel Broking IPO: 10 key things you should know

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The public issue consists a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoters and investors.

The management will utilise fresh issue proceeds towards working capital requirements and general corporate purposes.

Bids can be made for a minimum of 49 equity shares and in multiples of 49 thereafter.

Angel Broking is one of the largest retail broking houses in India in terms of active clients on the NSE as of June 30. It provides broking and allied services through online and digital platforms, and has a network of over 11,000 authorised persons.

The company managed Rs 13,254 crore in client assets and over 21.5 lakh operational broking accounts.

ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book running lead managers to the offer.

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Moneycontrol News
first published: Sep 21, 2020 09:13 pm
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