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Subscribe to Anand Rathi Wealth: Arihant Capital

Arihant Capital has come out with its report on Anand Rathi Wealth. The research firm has recommended to ''Subscribe'' the ipo in its research report as on December 02, 2021.

December 02, 2021 / 11:31 AM IST
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Todays L/H

Arihant Capital IPO report on Anand Rathi Wealth

Commencing activities in FY02, Anand Rathi Wealth (AWL) Ltd. is now one of the leading non-bank wealth solutions firms in India and has been ranked amongst one of the three largest non-bank mutual fund distributors in India by gross commission earned. It offers two types of services: (a) Private Wealth (PW) Services wherein they manage INR 294.72 Bn AUM (as of H2FY22). It also act as a mutual fund distributor associated with AMFI. Through this the company earns commissions. (b) Purchases of Non Convertible, Market Linked Debentures (MLDs) which are offered to clients. The company earns income from these sales. It has a dominant presence in the distribution of financial services, with a focus on the HNI segment that they believe is highly underserved. Company offers relationship management services, estate planning, succession planning and create wills for the same.

Valuation and Outlook

Valuation and Outlook: At the upper price band of INR 550, the issue has been valued at a P/BV and a P/E multiple of 9.4x and 51x to its FY21 NAV of INR 58.5 and EPS of INR 10.9 respectively. The company has strong fundamentals, healthy return ratios and has recorded strong AUM growth. The pricing of the IPO is a tad expensive compared to its peers, however, we recommend that investors subscribe for listing gains.

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