Anand Rathi Wealth shares rank at 602 while shares were awarded at 550 per share

  • Actions of Anand Rathi Wealth listed at ₹ 602.05 while shares were allotted at 550 per share.
  • The IPO received moderate demand from investors as it was subscribed 9.78 times on the last day of the offering.
  • The market capitalization of the company was 2,505 crore.

Shares of wealth management company Anand Rathi Wealth did a lukewarm listing on the National Stock Exchange (NSE) and BSE with a 9.46% premium over the issue price of 550 each.

After listing, the company’s market cap stood at 2,505 crore, according to BSE data.

The quotation gains are in line with the expected 50 premium on the gray market.

The initial public offering (IPO) was opened between December 2 and 6 and was oversubscribed 9.78 times by investors.

The wealth management company deals with high net worth clients who have a net worth of 5 to 50 crore in funds

Anand Rathi occupies a leading position in the distribution of financial products, focusing on the growing HNI segment. Currently, Anand Rathi Wealth is present in 11 cities in India – Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai.

In addition, the company aims to double its assets under management within 3 to 5 years, said Amit Rathi, chief executive of Anand Rathi in an interview with Business Insider.

The company manages assets under management (AUM) of 26,058 crore as of March 31, 2021.

SEE ALSO: MedPlus Health Services is a good game in the growing e-commerce pharmacy space, analysts say; BPF at 300

Data Patterns IPO Opens Today; GMP at ₹ 550 – Discover other important details


Source link

Comments are closed.