Anand Rathi Share and Stock Brokers Ltd. has decided to go public to meet capital requirements, according to Pradeep Gupta, the company’s chairman and managing director. “A large portion of the initial public offering proceeds will be used for working capital requirements,” he told NDTV Profit.
Anand Rathi Share’s opens for subscription on Tuesday, Sept. 23. The company has set a price band of Rs 393 to Rs 414 per equity share for the public issue. This will mark the company’s maiden public issue worth Rs 745 crore, comprising entirely of fresh issue and no offer for sale. The face value of the equity share is Rs 5 each.
“This is the second IPO from our group. The group’s wealth business was listed on exchanges three years ago,” said Gupta.
The company is a part of Anand Rathi Group which carries out diverse range of financial services. “Our company is dedicated to look after the investment side of any investor. We are trying to give all the inputs on that particular product and try to bring the best basket of product in front of the customer,” he said.
The IPO’s bidding date for anchor investors is Sept. 22. The IPO will close on Sept. 25. The equity shares will be listed on both BSE and NSE.
