 "Anand Rathi Wealth Services files Rs 4.25-bn IPO papers with Sebi")
Financial services firm Anand Rathi Wealth Services has filed draft papers with markets regulator Sebi to raise an estimated Rs 4.25 billion through an initial public offering (IPO).
The IPO comprises fresh issue of equity shares by Anand Rathi Wealth Services aggregating up to Rs 1.25 billion and an offer for sale of up to Rs 3 billion by the promoter Anand Rathi Financial Services, according to the draft red herring prospectus (DRHP) filed with Sebi.
As per the DRHP, the company plans to use the IPO proceeds to purchase and furnish office premises in Mumbai. The firm will also invest in its subsidiaries -- ARWMPL and FIINFRA -- for upgradation and enhancement of software and other technology related expenses.
Besides, the proceeds will also be used for general corporate purposes.
Equirus Capital and Jefferies India are the book running lead managers to the issue, while Link Intime India is the registrar.
The equity shares of the company are proposed to be listed on the BSE and NSE.
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