INSUBCONTINENT EXCLUSIVE:
Anand Rathi Wealth's IPO opened to a good response on first day of issueNon-bank wealth solutions firm Anand Rathi Wealth's initial
public offer was subscribed 160 per cent on the first day of its issue on Thursday, December 2
It received bids for 1.36 crore equity shares against the issue size of 84.75 lakh equity shares.The company reduced its offer size to 84.75
on December 1.Retail investors' portion was subscribed 2.45 times, while the employees' share was 42 per cent.Non-institutional investors
23,50,000 shares allotted to them.The company plans to raise Rs 660 crore through the public offer, which is entirely an offer for sale of
1.2 equity shares by promoters
Therefore the fund will be given to selling shareholders.The price band for the offer, which closes on December 6, has been fixed at Rs
530-550 per equity share.Anand Rathi Wealth is among the top non-bank mutual fund distributors in India.