Anand Rathi Share IPO opens today: GMP up 7%; should you subscibe?

Anand Rathi Share IPO opens for subscription:  The Initial Public Offering (IPO) of broking services provider Anand Rathi Share & Stock Brokers opens for public subscription today, Tuesday, September 23, 2025. The brokerage aims to raise ₹745 crore from the public offering, which comprises an entirely fresh issue of equity shares.

 

Anand Rathi Share raised ₹220 crore from anchor investors in a bidding round that concluded on Monday, September 22. The anchor portion saw participation from HDFC Mutual Fund (MF), Quant MF, Kotak MF, Aditya Birla Sun Life MF, SBI Life Insurance Company, and Kotak Mahindra Life Insurance Company among others.

 

 

Meanwhile, the market analysts remain broadly optimistic about Anand Rathi Share and have shared favorable reviews of its public offering. However, before diving into their views, here are the key details of the Anand Rathi Share IPO:

Anand Rathi Share IPO details

The public offering comprises an entirely fresh issue of 18 million equity shares worth ₹745 crore. Anand Rathi Share IPO is being offered at a price band of ₹393–414 per share, with a lot size of 36 shares. Investors can bid for a minimum of 36 shares and in multiples thereof.

 

A retail investor would need a minimum of ₹14,904 to bid for one lot (36 shares) of the Anand Rathi Share IPO, while an investment of ₹1,93,752 would be required to bid for the maximum limit of 13 lots (468 shares).

 

For the public issue, MUFG Intime India is serving as the registrar, while Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are the book-running lead managers. 

Anand Rathi Share IPO grey market premium (GMP) today

Ahead of the launch of the public issue, unlisted shares of Anand Rathi Share were commanding a decent premium in the grey market on Tuesday. Sources tracking grey market activity revealed that the company’s unlisted shares were exchanging hands at around ₹445 per share in the unofficial market. This translates to a grey market premium (GMP) of ₹31 per share, or 7.49 per cent over the upper end of the issue price.

 

Anand Rathi Share IPO timeline

The subscription window to bid for the Anand Rathi Share IPO is likely to close on Thursday, September 25, 2025. Following that, the basis of allotment is tentatively scheduled to be finalised on Friday, September 26, 2025. Successful allottees will receive the company’s shares in their demat accounts on Monday, September 29, 2025.

 

Shares of Anand Rathi Share are tentatively slated to list on the BSE and NSE on Tuesday, September 30, 2025.

Anand Rathi Share IPO objective

According to its Red Herring Prospectus (RHP), Anand Rathi Share intends to utilise the proceeds from the public issue for funding long-term working capital requirements and general corporate purposes. 

Should you subscribe to the Anand Rathi Share IPO?

SBI Securities - Subscribe for long term

Analysts at SBI Securities have recommended the investors to subscribe to the Anand Rathi Share IPO for the long term at the cut-off price considering the growth potential of the capital markets over the period FY25-28P at a CAGR of 16-18 per cent.

 

The analysts highlighted that at the lower and upper price bands, Anand Rathi Share & Stock Brokers Ltd. is valued at an FY25 P/E of 23.8x/25.1x on a post-issue capital basis. “Backed by the strong Anand Rathi Group brand, ARSSBL stands out with one of the highest ARPCs in the industry. Supported by rising retail investor participation, its diversified business model, and robust client franchise, the company is well-positioned for sustained growth,” wrote the analysts at SBI Securities.

Reliance Securities - Subscribe

Those at Reliance Securities have recommended the investors to subscribe with caution for medium-to-long-term investors. “ARSSBL’s scalable model, strong liquidity, and retail participation tailwinds provide solid growth visibility, while cyclical broking dependence and competition pose risks,” wrote the analysts in a research note.

 

About Anand Rathi Share & Stock Brokers

Anand Rathi Share & Stock Brokers Ltd. (ARSSBL) is a full-service brokerage house with over 30 years of experience. The company provides broking services, margin trading facilities, and distribution of financial products to a diverse client base. It caters to retail, HNI, UHNI, and institutional investors across multiple asset classes, including equities, derivatives, commodities, and currencies.