01 Dec , 2021 By : Kanchan Joshi
Anand Rathi IPO (Initial Public Offering) will open for subscription on 2nd December 2021 and it will remain open for bidding till 4th December 2021. India's leading non-banking wealth solutions firm plans to raise Rs660 crore from its public issue and it has fixed price band of the issue at Rs530 to Rs550 per equity share. Ahead of subscription opening date, grey market has started to give positive signal in regard to Anand Rathi IPO. As per the market observers, shares of Anand Rathi Wealth are available at a premium of Rs125 in the grey market today.
Anand Rathi IPO GMP
According to market observers, Anand Rathi IPO grey market premium (GMP) today is Rs125, which is Rs25 higher from its yesterday's evening GMP. They said that Anand Rathi Wealth shares became available in the grey market from yesterday morning at a premium of Rs85. This GMP went up and hit Rs100 yesterday evening despite negative sentiment at Dalal Street. They went on to add that rise in GMP despite weak bias at Indian stock market augurs well about the public issue. They said that it may have a positive impact on the public issue when it opens tomorrow.
What this GMP mean?
Market observers said that GMP is grey market estimate about the expected listing gain from the public issue. As Anand Rathi Wealth IPO GMP today is Rs125, this means grey market is expecting this public issue to list at Rs675 ( Rs550 Rs125), which is more than 20 per cent from the price band of Rs530 to Rs550 per equity share. Market observers expected this premium to go further upward if there is any trend reversal in the primary market.
On Anand Rathi IPO review; Ravi Singh, Head of Research & Vice President at ShareIndia said, "India’s Banking and Financial Service (BFSI) sector is offering tremendous growth opportunities due to the increasing retail participation in the capital market-linked businesses. However, the current market sentiments are not favourable and BFSI sector is the worst hit. Anand Rathi Wealth is showing a high valuation and the listing band is at upper band."
Anand Rathi IPO allotment is likely on 9th December 2021 whereas shares of the wealth solution firm may get listed at NSE and BSE on 14th December 2021.
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