Anand Rathi Wealth gains 6% on debut, ends at Rs 583.5 vs Rs 550 IPO price

Shares of Anand Rathi Wealth ended six per cent higher during their stock market debut on Tuesday. The stock closed at Rs 583.5, up Rs 33.5 or 6.1 per cent over IPO of Rs 550 per share. The stock hit a low of Rs 566.1 and a high of Rs 615 on the BSE.

At the closing price, the company was valued at Rs 2,428 crore.

Anand Rathi Wealth’ maiden offer—which was entirely an offer for sale—was subscribed nearly 10 times earlier this month.

The Mumbai-based firm is a private wealth solutions provider to individuals with a net worth between Rs 5 crore and Rs 50 crore. It had assets under management (AuM) worth Rs 29,470 crore as of August 31, 2021.

The company is also the country’s leading non-bank backed mutual fund distributor (MFD).