IPO Details
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IPO Timeline
Issue Highlights
Initial public offering of up to [] equity shares of face value of Rs. 5 each (Equity Shares) of anand rathi share and stock brokers limited (the Company) for cash at a price of Rs. [] per equity share (including a share premium of Rs. [] per equity share) (Issue Price) aggregating up to Rs. 745.00 crores (Issue). The issue may include a reservation of up to [] equity shares aggregating up to Rs. [] crores (Constituting []% of the Post-Issue Equity Share Capital), for subscription by eligible employees (Employee Reservation Portion). The company may, in consultation with the brlms, offer a discount of up to []% of the issue price (Equivalent of Rs. [] per Equity Share) to the eligible employees bidding in the employee reservation portion (Employee Discount), subject to necessary approvals as may be required. The issue less the employee reservation portion is hereinafter referred to as the `Net Issue'. The issue and the net issue shall constitute []% and []% of the post-issue paid-up equity share capital of the company, respectively. The company, in consultation with the brlms, may consider a pre-ipo placement of specified securities, as may be permitted under applicable law, to any person(s), aggregating up to Rs. 149.00 crores at its discretion, prior to filing of the pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlms. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with rule 19(2)(b) of the securities contracts (Regulation) Rules, 1957, as amended. the pre-ipo placement, if undertaken, shall not exceed 20.00% of the size of the fresh issue. prior to the completion of the issue, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the issue, or the issue may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (If Undertaken) shall be appropriately made in the relevant sections. The face value of the equity shares is Rs. 5 each and the issue price is [*] times the face value of the equity shares. The price band, employee discount, if any, and the minimum bid lot will be decided by the company.
Objective of Anand Rathi Share and Stock Brokers Limited IPO
Funding long-term capital requirements of the company
General corporate purposes
Anand Rathi Share and Stock Brokers Limited IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | ₹7500 crores |
Offer for Sale | Not applicable |
EPS (in ₹) for FY 24 | 19.03 |
Anand Rathi Share and Stock Brokers Limited IPO Share offer and Subscription Details
| Investor Category | Share Offered |
|---|---|
Qualified Institutional Buyers | 50% |
Non-Institutional Investors | 15% |
Retail | 35% |
Industry Outlook
Financial literacy, structural and regulatory reforms and rising per capita income have contributed to a boom in capital market investment. The broking industry in India is estimated to be valued at ~ ₹450 billion as of FY24 and expected to grow at a CAGR of 16-18% over the next 3-4 years.
Company Information
Anand Rathi is an established Indian brokerage house with 30 years of experience. The company provides broking services, margin trading facility, and distributed financial products under the brand ‘Anand Rathi’.
Strengths of Anand Rathi Share & Stock Brokers IPO
Highest ARPC among peer set during FY24: Anand Rathi’s ARPC during FY24, FY23 and FY22 was ₹30,922, ₹26,012 and ₹26,386 respectively. The company believes it’s high ARPC is a combination of their 1) client vintage, average age profile of their clients, and personalised client management approach combined with a wide array of investment solutions offered to their clients.
Strategic use of MTF Business to drive higher ARPC: The company’s margin trading facility book was ₹3, 04.662 crores, ₹3, 76.638 crores, ₹6, 17.293 crores and ₹7, 71.466 crores, as on March 31, 2022, March 31, 2023, March 31, 2024 and September 30, 2024, respectively, and has grown at a CAGR of a 42.34% from March 31, 2022 to March 31, 2024.
Full service brokerage house with diversified revenue streams: Their revenue from operations primarily comprises of broking and related services (Broking Segment) and non-broking services (i.e. margin trading facility and distribution of investment products) (Non-Broking Segment). Their focus has been on diversifying their offerings by increasing income from distribution of financial products such as mutual funds as part of the Non-Broking Segment.
Risks of IPO
Their broking segment and MTF business contribute a substantial share of their revenue. Any reduction in their revenue from the broking segment or from their MTF business could hurt their business.
All Financial Information about Anand Rathi Share & Stock Brokers
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | ARSSBL | Geojit Financial | IIFL Capital Services | Motilal Oswal | ICICI Securities | Angel One |
|---|---|---|---|---|---|---|
Revenue from operations | 4678 | 4393 | 13,521 | 41,771 | 34,158 | 30,016 |
Total Income | 4,687 | 4,476 | 13,704 | 41,971 | 34,255 | 30,211 |
EBITDA | 1,151 | 1,475 | 4,650 | 18,765 | 21,028 | 12,928 |
PAT | 377 | 1,010 | 2,498 | 9,328 | 11,176 | 8,900 |
Return on capital Employed | 17% | 14% | 22% | 13% | 18% | 44% |
Anchor Investor Information
Anchor Investor bidding date has not been announced yet. Once it is announced, we will update this page.
IPO Registrar and Book Running Lead Managers
Link Intime India Private Limited
Nuvama Wealth Management Limited
Dam Capital Advisors Limited
Anand Rathi Advisors Limited
Registrar for the IPO is Link Intime India Private Limited
Business Model
Anand Rathi Share and Stock Brokers Limited earns its revenues through the following sources:
The company provides broking services, margin trading facility, and distribution of financial services. Their investment offerings span a wide array of asset classes like equity, derivatives, and commodity and currency markets.
Company Growth Trajectory
The company’s revenue from operations has increased from ₹92.960 crores in FY22 to ₹215.082 crores in FY24, a whopping 131% increase. At the same time, the company’s Profit after tax increased from ₹50.799 crores in FY22 to ₹77.290 crores in FY24.
Company Market Position
Anand Rathi is one of the well-known stock brokers and wealth managers in India. They
Anand Rathi share and stock brokers Company Profit & Loss
| Parameter/Year | FY22 | FY23 | FY24 |
|---|---|---|---|
Total Income | 4,23.782 | 4,68.703 | 6,83.256 |
Profit before tax | 63.589 | 50.991 | 115.399 |
Profit after tax | 50.799 | 37.745 | 77.290 |
EBITDA | 1136.07 | 1150.67 | 2,305.84 |
EPS | 15.05 | 9.36 | 19.03 |
Cash Flow Statement:
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Net Profit before tax | 63.589 | 50.991 | 115.399 |
Cash generated from operating activities | (16.664) | 15.148 | 1,86.912 |
Cash generated from investing activities | (78.919) | (13.6663) | (59.9250) |
Cash generated from financing activities | 111.606 | 108.096 | 418.569 |
Cash and cash equivalents | 422.51 | 288.58 | 353.90 |
How To Check Allotment Status of Anand Rathi Share and Stock Services IPO?
You can check the allotment status of the Anand Rathi Share and Stock Services 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’
Anand Rathi Share & Stock Brokers IPO FAQs
What is the Anand Rathi Share and Stock Services Ltd IPO?
A 100% book-built offer, Anand Rathi Share and Stock Services Ltd consists of a fresh issue of ₹7500 crores.
When will the Anand Rathi Share and Stock Services IPO hit markets?
The exact dates of this IPO are yet to be known. However, it’s expected to hit anytime soon.
What is the lot size of shares of the Anand Rathi Share and Stock Services IPO?
The company hasn’t given any information on the lot size yet.
