Anand Rathi has set price band for the IPO at Rs 530-Rs 550 per equity shareLeading non-bank wealth solutions company Anand Rathi Wealth is setto open its initial public offering (IPO) tomorrow,December 2 -which will close on Monday, December 6, 2021.
The company has setprice band for the IPOat Rs 530 Rs 550 per equity share of face value of Rs5 each.
Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services.At the upper end of the price band, the company aims to raiseRs 660 crore through this offer.The IPO consists of an offer for sale of up to 1,20,00,000 equity shares of face value of Rs5 each by Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez, according to a recent statement by the company.The objective of the offer are to achieve the benefits of listing theshares on the stock exchanges.
The offer includes a reservation of 2.5 lakh equity shares for the company's employees who will get theshares at a discount of Rs 25 to the final issue price.The minimum lot size is of 27 equity shares and in multiples of 27 equity shares thereafter.
Retail individual investors can invest a minimum of Rs 14,850 for one lot and a maximum of Rs 1,93,050 for 13 lots.Anand Rathi Wealth has been ranked amongst the top three non-bank mutual fund distributors in the country.
The company offers a wide product portfolio of wealth solutions, financial product distribution, and technology solutions to its clients.