Angel Broking tumbles 9% in three days

Angel Broking fell 4.63% to Rs 245.20, extending its losing streak to third consecutive trading session.

Shares of recently listed Angel Broking lost 9% in three trading sessions from its previous closing high of Rs 269.70 on 13 October 2020. The stock now trades nearly 20% below its initial public offer (IPO) price band of Rs 306 and 10.8% below its listing price of Rs 275.

The stock was listed on 5 October at Rs 275, a discount of 10.13% to the IPO price of Rs 306. The IPO of Angel Broking received was subscribed 3.94 times. The issue opened for bidding on 22 September 2020 and closed on 24 September 2020. The price band for the IPO was set at Rs 305-306 per share. The IPO comprised of a fresh issue worth Rs 300 crore by the company and an offer for sale aggregating Rs 300 crore (including anchor portion of 52.82 lakh equity shares).

The company recorded sales of Rs 238.42 crore and profit after tax of Rs 48.26 crore in the quarter ended on 30 June 2020.

Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. Its a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to clients.

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