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Anand Rathi Wealth IPO subscription to open today
Anand Rathi Wealth IPO is set to open for bidding today. The company is looking to mobilise some Rs 660 crore at the upper limit of the price range. The price band for the IPO that closes on December 6 is Rs 530-550.
The IPO bidding process will begin on December 2 and conclude on December 6. The share allotment will be finalised by December 9. And the trading will begin on both National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on December 14, tentatively.
Investors can bid for a lot of 27 shares and multiple thereof. Retail investors have to invest a minimum of Rs 14,850 for one lot. And Rs 1.93 lakh for 13 lots. 50 percent of the offer is reserved for qualified investor buyers and 15 percent for non-institutional investors. The remaining 35 percent of the issue is reserved for retail investors. Nearly 2.5 lakh shares are reserved for employees of the company. They will get shares at a discount of Rs 25 of the issue price.