Anand Rathi Share & Stock Brokers IPO

About Anand Rathi IPO

The 100% book building issue of Anand Rathi Share and Stock Brokers Ltd comprises a fresh issue of equity shares aggregating up to ₹745 crores. There’s no offer for sale in this IPO. The price band is ₹393 to ₹414 per share and the lot size is 36. The IPO opens on September 23, 2025 and closes on September 25, 2025.

The listing date is on or about September 30, 2025 and the allotment date is on or about September 26, 2025. The credit of shares to the Demat account will take place on or about September 29, 2025, while the initiation of refund will take place on or about September 29, 2025.

Anand Rathi Share and Stock Brokers Ltd is an established full-service brokerage house in India with over 30 years of experience. It 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, and currency markets.

Objectives of Anand Rathi IPO

The company proposes to utilise the IPO proceeds for:

• Funding long-term working capital requirements
  
• General corporate purposes
  

Industry Outlook

India's capital markets, including stock, bond, derivative markets, and mutual funds, have significantly influenced the nation’s financial system and economic development. Notably, the Bombay Stock Exchange (BSE) Limited is ranked as 6th largest stock exchange and National Stock Exchange of India Limited (NSE) ranked as 7th largest stock exchange in the world by market capitalisation as of Jun '25.

The broking industry plays a crucial role in the Indian financial markets by acting as an intermediary between buyers and sellers of securities such as stocks, bonds, commodities, and other investment assets. Brokers facilitate the trading of these financial products, ensuring liquidity, efficient price discovery, and proper capital allocation across the markets.

The broking industry in India is estimated to be valued at ~ ₹520 billion as of FY25 and expected to grow at a CAGR of 16-18% over the next 2-3 years. The increase in financial literacy and reduced cost of investing due to emergence of discount brokers has contributed significantly to this growth. Moreover, these factors are expected to continue leading to healthy growth in the long term.

Anand Rathi Company Information

Anand Rathi Share and Stock Brokers Ltd an established full-service brokerage house in India with over 30 years of experience. It 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, and currency markets. Its 3 decades of track record, comprehensive product offerings, and focus on serving this key demographic, positions it for continued growth. It’s a part of the Anand Rathi group which carries out a diverse range of financial services business through its group companies.

Strengths of Anand Rathi IPO

• Highest ARPC amongst peer set
  
• Strategic use of MTF business to drive higher ARPC
  
• Full-service brokerage house with diversified revenue streams
  
• Pan India presence combined with robust digital capabilities for client acquisition and servicing
  
• Established brand with more than a 3-decade legacy backed by experienced Promoters and a strong management team
  
• Strong track record of financial performance and consistent growth
  

Risks of Anand Rathi IPO

• Adverse order in Sebi proceedings in respect of the ‘fit and proper’ person criteria could have a material adverse impact on business, results of operations and financial condition
  
• Extensive statutory and regulatory requirements and supervision
  
• Reduction in revenue from Broking Segment or from MTF Business could have a material adverse effect on business
  
• Loss of a significant number of authorised persons, or failure to expand network of authorised persons may have an adverse impact on business
  
• Failure to obtain, renew and maintain requisite statutory and regulatory permits, licenses and approvals for operations from time to time may adversely affect business
  
• Disruption in the functioning of the exchanges or failure to comply with exchange rules and regulations could have a material adverse effect on business
  
• Failure to retain and augment client base could have a material adverse effect on business, financial condition and growth prospectus
  
• Failure in arranging adequate working capital for operations may adversely affect business, results of operations, cash flows and financial condition
  

Anchor Investor Bidding Date

Anchor portion of the IPO opens for bidding on September 22, 2025.

IPO Registrar and Book Running Lead Managers

• Registrar: MUFG Intime India Pvt Ltd
  
• Book Running Lead Managers: Nuvama Wealth Management Ltd, DAM Capital Advisors Ltd and Anand Rathi Advisors Ltd
  

Anand Rathi Company Business Model

The revenue from operations of Anand Rathi Share and Stock Brokers Ltd primarily comprises broking and related services (Broking Segment) and nonbroking services (i.e. margin trading facility and distribution of investment products) (Non-Broking Segment). The company categories its offerings and services as:

• Broking services
• Margin trading facility
• Distribution of investment products

Anand Rathi Company Growth Trajectory

The revenue from operations of Anand Rathi Share and Stock Brokers Ltd grew from ₹467.826 crores to ₹845.698 crores at a CAGR of 34.45% between Fiscal 2023 and Fiscal 2025. Its profit after tax has increased from ₹ 37.745 crores to ₹103.606 crores at a CAGR of 65.68% between Fiscal 2023 and Fiscal 2025.

Its number of clients increased from 669,602 in FY 23 to 886,644 in FY 25, with EBITDA margin growing from 24.60% in FY 23 to 36.81% in FY 25. During the same period, the company’s PAT margin increased from 8.05% to 12.23%. Diversified revenue stream and PAN India presence have helped the company grow over the years.

Anand Rathi Company Market Position

Anand Rathi Share and Stock Brokers Ltd 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 offered broking and other financial services through its network of 90 branches spread across 54 cities in India along with a network of 1,125 authorised persons spread across 290 cities in India.

Its multi channel presence through pan India branches and network of authorised persons and its online and digital platforms enables it to service clients across Tier 1, Tier 2, Tier 3 and other cities

How To Check Allotment Status of Anand Rathi IPO?

You can check the allotment status of the Anand Rathi IPO on the BSE website and on the website of the registrar – Link Intime India Private Ltd. Follow these steps to check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Anand Rathi Share and Stock Services Ltd
• Enter your application number or PAN number
• Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status

To check the status on the website of Anand Rathi Share and Stock Services:

• Visit the website of Lin Intime India Private Ltd
• Select any one server among the three
• Select the company’s name, Anand Rathi Share and Stock Services, in this case from ‘Company Selection’ dropdown
• Enter either the ‘Application Number’, ‘Beneficiary ID’ or ‘PAN Number’
• Enter the captcha and click on ‘Search’

How to Apply for Anand Rathi IPO?

To apply for Anand Rathi Share & Stock Brokers IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.