Anand Rathi Group’s brokerage division, Anand Rathi Share and Stock Brokers, has launched its initial public offering (IPO) for public subscription today, setting the price band between ₹393 and ₹414 per share.
As of 10:24 AM, the IPO has been subscribed 0.05 times overall, with retail investors participating at 0.08 times and non-institutional investors (NIIs) at 0.05 times. No bids have been placed by qualified institutional buyers (QIBs) as yet.
Anchor Portion
Prior to the IPO, the company secured ₹220.50 crore from anchor investors on Monday. The investors include prominent names such as HDFC Mutual Fund, Quant Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Life Insurance, and Kotak Mahindra Life Insurance, as reported in a BSE circular. A total of 53.26 lakh equity shares were allocated to 15 funds at ₹414 per share, amounting to ₹229.5 crore.
IPO Details
The total size of the ₹745 crore IPO consists entirely of a fresh issue, with no offer for sale (OFS) component. The subscription window will be open from September 23 to September 25, 2025, with a minimum lot size of 36 shares and multiples thereof. Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are designated as the book-running lead managers for the offering.
Use of Proceeds
Of the proceeds, the company intends to allocate ₹550 crore to support long-term working capital needs, while the remaining funds will be directed towards general corporate purposes.
Company Overview
Operating under the brand name Anand Rathi, the brokerage firm provides a variety of services, including broking, margin trading, and the distribution of financial products. Its clientele includes retail investors, high-net-worth individuals (HNIs), ultra-high-net-worth individuals, and institutional clients. As of March 2025, the company has established a network of 90 branches across 54 cities, backed by 1,125 authorized persons in 290 locations and digital platforms serving tier-1 to tier-3 cities.
In FY25, Anand Rathi reported revenues of ₹845.7 crore, with a profit after tax of ₹103.6 crore for the same period.
Brokerage Insights
Brokerages generally advise a subscribe rating on the IPO, highlighting the firm’s robust revenue and profit growth, diversified business model, and widespread presence across India. Reliance Securities remarked on the scalability of the broking arm’s operations, its strong liquidity, and favorable retail participation trends, while also noting potential risks associated with the cyclical nature of the broking industry and the competitive landscape.
Published on September 23, 2025.
