Anand Rathi Wealth makes a modest listing at 9% premium on exchanges
- Shares of
Anand Rathi Wealthlisted at ₹602.05 while the shares were allotted at ₹550 per share.
- The IPO received moderate demand from investors as it was subscribed 9.78 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹2,505 crore.
AdvertisementShares of Wealth management firm Anand Rathi Wealth made a tepid listing on the National Stock Exchange (NSE) and BSE at 9.46% premium over the issue price of ₹550 apiece.
Post-listing, the market capitalisation of the company stood at ₹2,505 crore, according to BSE data.
The listing gains were in line with the ₹50 premium expected in the grey market.
The initial public offering (IPO) was open between December 2 and December 6 and was oversubscribed 9.78 times by investors.
The wealth management firm deals with wealthy clients that have net worth of ₹5-50 crore funds
Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai.
Further, the company aims to double its assets under management in the 3-5 years, said Amit Rathi, managing director at Anand Rathi in an interview with Business Insider.
The company manages assets under management (AUM) of ₹26,058 crore as on March 31, 2021.
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