Ahead of IPO, Anand Rathi Wealth raises Rs 194 cr from anchor investors

New Delhi: Anand Rathi Wealth Ltd, a part of Mumbai-based monetary companies group Anand Rathi, on Wednesday stated it has raised Rs 194 crore from anchor traders, forward of its preliminary share-sale on Thursday. The corporate has determined to allocate 35.25 lakh fairness shares to 12 anchor traders at Rs 550 apiece, valuing the transaction dimension at Rs 194 crore, in line with a BSE round.

SBI Mutual Fund (MF), ICICI Prudential MF, Franklin Templeton MF, DSP MF, Kotak MF, Invesco MF, Canara Robeco MF, Nippon India MF, Abakkus, Quant MF, MK Cohesion, Rajasthan World are among the many traders that participated within the anchor ebook.

Out of the whole allocation of 35.25 lakh fairness shares, 31.58 lakh have been allotted to mutual funds via schemes amounting to Rs 173.69 crore, which is 89.59 per cent of the whole anchor ebook dimension.

The preliminary share-sale is completely a suggestion on the market (OFS) of 1.2 crore fairness shares by promoters and present shareholders.

The OFS consists of sale of 92.85 lakh fairness shares by Anand Rathi Monetary Companies, and three.75 lakh fairness shares every by Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Household Belief, and Feroze Azeez, and 90,000 fairness shares by Jugal Mantri.

The difficulty features a reservation of two.5 lakh fairness shares for workers.

The difficulty opens for public subscription on December 2 and can conclude on December 6. Worth band for the problem has been fastened at Rs 530-550 apiece.

The general public difficulty is anticipated to fetch Rs 660 crore on the higher finish of the worth band.

Half of the problem dimension has been reserved for certified institutional patrons (QIBs), 15 per cent for non-institutional traders, whereas the 35 per cent has been put aside for retail traders.

Traders can bid for no less than 27 fairness shares and in multiples of thereafter.

Anand Rathi Wealth operates within the monetary companies business with a deal with mutual fund distribution and sale of monetary merchandise.

The corporate commenced actions in fiscal 2002 and is an AMFI (Affiliation of Mutual Funds of India) registered mutual fund distributor. It has advanced into offering effectively researched options to its purchasers via a mixture of wealth options, monetary product distribution and know-how options.

Since March 31, 2019 till August thirty first this yr, the corporate’s Asset Below Administration (AUM) has grown at a CAGR (Compound Annual Progress Price) of twenty-two.74 per cent to Rs 302.09 billion. Until August this yr, the corporate’s flagship Non-public Wealth vertical catered to six,564 energetic shopper households throughout the nation.

Along with the Non-public Wealth vertical, the corporate has two new age know-how led enterprise verticals– Digital Wealth and Omni Monetary Advisors.

Equirus Capital Non-public Restricted, BNP Paribas, IIFL Securities Restricted and Anand Rathi Advisors Restricted have been appointed because the service provider bankers to advise the corporate on the IPO.

The fairness shares of the corporate can be listed on BSE and NSE.

Earlier in September 2018, the corporate had filed draft papers with Sebi to boost Rs 425 crore via an IPO. Nonetheless, the agency later withdrew its proposed public difficulty.