Angel Broking on Friday said it will launch its initial public offering (IPO) on September 22 to raise an estimated Rs 600 crore.
The initial public offering consists of equity shares of the company aggregating up to ₹600 crore which is a mix of fresh issue and offer for sale of ₹300 crore each.
The OFS consists of ₹18.35 crore and ₹4.5 core by promoters Ashok D Thakkar and Sunita Magnani while rest ₹120 crore and ₹157.16 crore are by investors IFC and individual selling shareholders respectively.
This will be the eighth IPO this year.
About IPO
Price Band
The country’s fifth-largest broker in terms of the number of active clients has set the price band for the issue at Rs 305-306 per share.
No. of Shares per lot
The bid lot for retail investors will be of 49 equity shares and in multiples thereafter.
Subscription Period
The IPO will open on Tuesday, September 22, and will close on Thursday, September 24. The offer will make up 24% of the post issue paid up capital of the company.
Issue Subscription
Qualified Institutional Buyers (QIB) will get to subscribe to 50% of the equity shares on offer, while Non-institutional investors will get 15% of the issue and Retail investors will have 35% of the issue available for subscription.
Lead Managers of the IPO
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book-running lead managers for the IPO
About Company
Brokerage Charges of the company
Angel, under one of its plans, charges zero brokerage for delivery-based trades in the cash segment and flat Rs 20 per order for all other segments.
Wealth creation sources
Besides broking, Angel Broking generates revenues from advisory services, margin funding, loans against shares, and distribution of financial products.
It manages Rs 1,325 crore in client assets and over 21.5 million operational broking accounts as of June 30.
Market Cap
At the top-end, Angel Broking will have a market cap (m-cap) of Rs 2,503 crore.
Last year performance
In the previous financial year the firm managed to generate a Rs 503 crore revenue from broking and an overall revenue of Rs 754 crore
Q1 Performance
In the previous quarter, Angel Broking’s net profit was already half of what it made in the previous fiscal year.
The company has an average daily turnover of Rs 61,900 crore in the first quarter of the fiscal year.
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