Anand Rathi IPO: Brokerage raises ₹220 crore from anchor investors; issue to open on Sept 23

Ahead of its initial public offering (IPO), Anand Rathi Share and Stock Brokers has garnered ₹220.50 crore from anchor investors. The public issue opens for public subscription on Tuesday, September 23. The company informed the exchanges that it has allocated 53,26,086 equity shares at ₹414 per share to anchor investors.

The marquee institutions that participated in the anchor include HDFC Mutual Fund, Kotak Small Cap Fund, Quant Mutual Fund, Aditya Birla Sunlife Banking & Financial services Fund, SBI Life Insurance Co. Ltd., Singularity Large Value Fund, Pinebridge India Equity Fund, Morgan Stanley India Investment Fund, Kotak Mahindra Life Insurance Co. Ltd., 360 ONE Equity Opportunities Fund, Bandhan Balanced Advantage Fund, Sanshi Fund, BNP Paribas Financial Markets ODI, ITI Flexi Cap Fund, Rajasthan Global Securities Pvt. Ltd.  

Out of the total allocation of 5,326,086 equity shares to the anchor investors, 2,302,596 shares (i.e. 43.23% of the total allocation to anchor investors) were allocated to six domestic mutual funds, which have applied through a total of 6 schemes. Nuvama Wealth Management, DAM Capital Advisors and Anand Rathi Advisors are the book-running lead managers, and MUFG Intime India Private is the registrar of the issue.

The IPO comprises a fresh issue aggregating up to ₹745 crore. The offer also includes a subscription reservation for eligible employees in the employee reservation portion.

The company is proposing to open its IPO on Tuesday, September 23, 2025, for subscription and close on Thursday, September 25, 2025. The price band has been determined at Rs 393–₹414 per equity share. 

The IPO will fetch ₹745 crore at the upper end of the price band. Investors can bid for a minimum of 36 shares and in multiples of 36 shares thereafter.

 The offer is being made through the book-building process, wherein not more than 50% of the net offer will be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the net offer will be available for allocation to non-institutional bidders, and not less than 35% of the net offer will be available for allocation to retail individual bidders.

Anand Rathi is an established full-service brokerage house in India with over 30 years of experience. The company provides broking services, margin trading facility and distribution of financial products under the brand ‘Anand Rathi’ to a diverse set of clients across retail, high net worth individuals, ultra-high net worth individuals and institutions. Its investment offerings span across a wide array of asset classes like equity, derivatives, commodities, currency, Mutual funds, AIF, PMS, etc.

While the company’s client base is spread across various age demographics, 221,510 of its active clients, representing 84.36% of its active clients, were above 30 years of age as of March 31, 2025.

The company is a part of the Anand Rathi group, which carries out a diverse range of financial services business through its group companies. As of March 31, 2025, the company offers its broking and other financial services through its network of 90 branches spread across 54 cities in India, a network of 1,125 authorised persons (agents appointed by the company after approval from the relevant stock exchange) spread across 290 cities in India, and online and digital platforms.

During FY25, the company’s revenue from operations was ₹845.70 crore, and its net profit was ₹103.6 crore. The company’s revenue from operations was ₹681.7 crore during FY24 24 and its net profit was ₹77.29 crore during FY24.