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Anand Rathi IPO will open for subscription on Thursday, December 2, and will conclude on December 6, the Mumbai-based company has said.
Anand Rathi Wealth, which is a part of financial services group Anand Rathi, filed draft papers with Sebi to raise ₹425 crore through an IPO in September 2018. However, the firm later withdrew its proposed public issue.
Anand Rathi Wealth said on Tuesday it has fixed a price band of ₹530-550 a share for its ₹660-crore IPO.
The initial share sale is entirely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders.
The OFS consists of the sale of 92.85 lakh equity shares by Anand Rathi Financial Services and 3.75 lakh equity shares each by Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, and Feroze Azeez, and 90,000 equity shares by Jugal Mantri.
The issue includes a reservation of 2.5 lakh equity shares for employees.
At the upper end of the price band, the initial share sale is expected to fetch ₹660 crore.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, while 35 per cent has been set aside for retail investors.
Investors can bid for a minimum of 27 equity shares and in multiples of thereafter.
Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited and Anand Rathi Advisors Limited have been appointed as merchant bankers to advise the company on the IPO.
Anand Rathi’s equity shares will be listed on BSE and the National Stock Exchange (NSE).
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