New Delhi: Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers has filed draft papers with capital markets regulator Sebi to raise Rs 745 crore through an initial public offering (IPO). The proposed IPO is entirely a fresh issue of shares of up to Rs 745 crore. The offer includes reservations for subscriptions by eligible employees, according to the draft red herring prospectus (DRHP). Since the IPO is entirely an OFS, the company will not receive any funds from the issue, and the proceeds will go to the selling shareholder.
ALSO READ: गुजरातआ थांखिगोनां पर्ट-सिटी मावथांखिखौ फोथांफिन्दोंमोन
The company may raise Rs 149 crore through a pre-IPO placement. If the placement is completed, the issue size will be reduced. Going by the draft papers filed on Saturday, proceeds of the IPO to the tune of Rs 550 crore will be used to fund its long-term working capital requirements of the company and general corporate purposes. Anand Rathi Share and Stock Brokers Ltd provides a wide range of financial services, including broking, margin trading, and distribution of financial products, under the brand name 'Anand Rathi.'
Company Reports 46% Revenue Growth and Rs77.29 Crore Profit in FY24, Plans NSE and BSE Listing
Catering to a diverse clientele, the company serves retail investors, high-net-worth individuals (HNIs), ultra-HNIs, and institutional clients. While its client base spans various age groups, 1.46 lakh of its active clients -- representing 85 per cent of the total, were over 30 years old as of September 30, 2024.
Anand Rathi files for Rs 745 crore IPO to fund working capital and corporate purposes, with a 46% revenue growth in FY24.
As of September 2024, Anand Rathi Share and Stock Brokers operate through a robust network of 90 branches across 54 cities in India, supported by 1,123 Authorized Persons (agents approved by relevant stock exchanges) in 333 cities. On the financial front, revenue from operations increased by 46 per cent to Rs 682 crore in fiscal 2024 from Rs 468 crore in fiscal 2023. Profit after tax surged from Rs 37.74 crore in fiscal 2023 to Rs 77.29 crore in fiscal 2024.
ALSO READ: JSW Energy Achieves Total Locked-In Generation Capacity Of 20 GW
For the six months ended September 30, 2024, revenue from operations stood at Rs 441.72 crore, and profit after tax stood at Rs 63.66 crore. Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are the book-running lead managers. The shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE.
FIRST Business Portal addressing the potential of business capability of North East Region.
