Anand Rathi Wealth IPO subscribed 1.60 times on Day 1 of offer

The initial public offer of Anand Rathi Wealth Limited, part of Mumbai-based financial services group Anand Rathi, was fully subscribed on the first day of subscription on Thursday.

The Rs 660-crore initial share-sale received bids for 1,36,00,818 shares against 84,75,000 shares on offer, translating into 1.60 times subscription, according to NSE data.

The category for Retail Individual Investors (RIIs) received 2.45 times subscription, non-institutional investors portion garnered 1.93 times subscription and Qualified Institutional Buyers (QIBs) 1 per cent.

The company's initial public offer is of up to 1,20,00,000 equity shares and is in a price range of Rs 530-550 a share.

Anand Rathi Wealth Ltd on Wednesday said it has raised Rs 194 crore from anchor investors.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

The offer will conclude on December 6.

The equity shares of the company will be listed on BSE and NSE.

Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited, Anand Rathi Advisors Limited are the book running lead managers to the offer.