AngelOne raises Rs 1,500 crore via QIP

Stockbroking firm AngelOne has raised Rs 1,500 crore via Qualified Institutional Placement (QIP) from domestic and foreign institutional investors which will be utilised for working capital requirements and for future expansion plans, the firm said in a statement.

This comes a week after Angel One said that it has launched a QIP (qualified institutional placement) issue at a floor price of Rs 2,555 per share. This is at nearly a discount of 7 percent on the current market price.

"We are witnessing continuous engagement of Indian retail investors, as evidenced in our performance metrics. Key indicators such as gross client acquisition, number of orders, average daily turnover, turnover market share, and financial performance consistently create newer benchmarks," said Dinesh Thakkar, Chairman and Managing Director, AngelOne.

The company said that its average daily orders have grown significantly from 0.5 million in FY20, when it turned digital, to 1.4 million in FY21, 2.8 million in FY22, 3.7 million in FY23, and further to 5.4 million in 10M FY24, with the average of January 2024 being 7.6 million.