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The public issue opened for subscription on 2nd December 2021 and it will remain open till 6th December 2021. After two days of bidding, the public issue worth ₹660 crore has been subscribed 3.02 times. The public offer has been subscribed 4.77 times in the retail category, 0.17 times in the QIB category and 3.06 times in the NII category.
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.
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.