14 Dec , 2021 By : monika singh
New Delhi: Shares of Anand Rathi Wealth made a decent market debut as the scrip listed at Rs 602.05 on the BSE on Tuesday, a premium of 9.46 per cent over its issue price of Rs 550.
On the National Stock Exchange (NSE), the company was listed at Rs 600, a premium of 9.09 per cent over the given issue price.
A day ahead of its listing on the bourses, shares of the wealth management firm were commanding a premium of Rs 45-50 in the grey market, signalling a muted debut on Dalal Street.
The issue of Anand Rathi Wealth was open for subscription between December 2-4. The company sold its shares in the range of Rs 530-550 apiece during the three-day bidding process, raising Rs 660 crore.
Anand Rathi Wealth is among the top three mutual fund distributors in India, focusing on the underserved HNI segment and providing value-added services.
The issue was entirely an offer for sale exercise by the existing shareholders and promoters of the company and received a decent response from the investors. The issue was subscribed a little less than 10 times.
The quota reserved for HNI investors was subscribed over 25 times, whereas the portion for retail bidders was subscribed about 8 times. Meanwhile, the allocation for qualified institutional buyers fetched less than 3 times bids.
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