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    Anand Rathi Share and Stock Brokers IPO opens for subscription, attracts just 0.05x demand

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    By Madhu Balaji

    Copyright thehindubusinessline

    Anand Rathi Share and Stock Brokers IPO opens for subscription, attracts just 0.05x demand

    Anand Rathi Group’s brokerage arm Anand Rathi Share and Stock Brokers IPO has opened for public subscription today at a price band of ₹393-414 per share.

    At 10.24 am, the IPO was subscribed 0.05 times, with retail investors bidding at 0.08 times and NIIs at 0.05 times, while there were no bids from QIBs yet.

    Anchor portion

    Ahead of the IPO, the company raised ₹220.50 crore from anchor investors on Monday. The anchor investors included HDFC Mutual Fund, Quant MF, Kotak MF, Aditya Birla Sun Life MF, SBI Life Insurance, and Kotak Mahindra Life Insurance, according to a BSE circular. The firm allocated 53.26 lakh equity shares to 15 funds at ₹414 apiece, aggregating ₹229.5 crore.

    IPO, price band

    The ₹745 crore IPO is entirely a fresh issue with no OFS component. It will be open for subscription from September 23 to September 25, 2025, at a price band of ₹393–414 per share. The minimum lot size is 36 shares and multiples thereof.

    Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are acting as the book-running lead managers for the issue.

    Use of funds

    The company plans to use ₹550 crore from the proceeds to fund long-term working capital needs, with the balance earmarked for general corporate purposes.

    Anand Rathi Share and Stock Brokers, which operates under the brand name Anand Rathi, offers services such as broking, margin trading, and distribution of financial products. Its clientele spans retail investors, HNIs, ultra-HNIs, and institutions.

    As of March 2025, the firm had a network of 90 branches across 54 cities, supported by 1,125 authorised persons in 290 locations, along with digital platforms reaching tier-1 to tier-3 cities.

    The company reported revenue of ₹845.7 crore in FY25 and its profit after tax surged to ₹103.6 crore over the same period.

    Brokerage views

    Brokerages broadly maintain a subscribe stance on the Anand Rathi Share & Stock Brokers IPO, citing its strong revenue and profit growth, diversified business model, and pan-India presence.

    Reliance Securities notes that the broking arm’s scalable model, strong liquidity, and retail participation tailwinds offer solid growth visibility, though risks remain from cyclical dependence on broking activity and intense competition.

    Published on September 23, 2025

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