Anand Rathi IPO oversubscribed by 2.40 times, retail portion booked 3.85 times on Day 2
The public offer of Anand Rathi Wealth, one of the leading non-bank wealth solutions firms in India, has garnered bids for 2.03 crore equity shares as against an IPO size of 84.75 lakh units, subscribing 2.40 times on December 3, the second day of bidding.
The portion set aside for retail investors and non-institutional investors was subscribed 3.85 times and 2.47 times, respectively. Employees have put in bids for 47 percent shares of their allotted quota, while qualified institutional buyers bought 1 percent of shares reserved for them.
The company is bringing the issue at a price-to-earnings (P/E) multiple of 19 on annualised five months ended August 2021 EPS,” said Hem Securities.