Anand Rathi Wealth, one of the leading non-bank wealth solutions firms in India, has garnered ₹193.87 crore from anchor investors ahead of its initial share sale that opened for public subscription on Thursday, December 2, 2021. The company informed the bourses that it has allocated 35,25,000 shares at ₹550 per share on Wednesday, December, 1st 2021 to anchor investors.
SBI Mutual Fund, ICICI Pru Mutual Fund, Franklin Templeton Mutual Fund, DSP Mutual Fund, Kotak Mutual Fund, Invesco Mutual Fund, Canara Robeco Mutual Fund, Nippon Mutual Fund, Abakkus, Quant Mutual Fund, MK Cohesion, Rajasthan Global are among the investors that participated in the anchor book.
Out of the total allocation of 35,25,000 equity shares to the anchor investors 31,58,022 equity shares were allocated to mutual funds through schemes amounting to ₹173.69 crore i.e. 89.59% of the Total Anchor Book Size.
The Company commenced activities in Fiscal 2002 and is AMFI registered mutual fund distributor and has evolved into providing well researched solutions to its clients through a mix of wealth solutions, financial product distribution and technology solutions to a wide spectrum of clientele, with presence in 11 cities in India and a representative office in Dubai.
Since March 31, 2019 till August 31, 2021, the Company's Asset Under Management (AUM) has grown at a CAGR of 22.74% to ₹ 302.09 billion. As on August 31, 2021 the Company's flagship Private Wealth vertical catered to 6,564 active client families across the country, serviced by a team of 233 relationship managers.
Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited and Anand Rathi Advisors Limited are the book running lead managers to the Offer.
The IPO is entirely an offer for sale of up to 1,20,00,000 Equity Shares ("Offer for Sale") by the Selling Shareholders by Anand Rathi Financial Services Limited. Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri, and Feroze Azeez. The Company will not receive any proceeds from the Offer.
The Company is proposing to open its initial public offering of Equity Shares (the "Offer") on Thursday, December 02, 2021 and close on Monday, December 06, 2021. The price band for the Offer has been determined at ₹530 - ₹550 per equity share.
The IPO will fetch ₹660 crore at the upper end of the price band.
Investors can bid for a minimum of 27 equity shares and in multiples of 27 equity shares thereafter.
The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations.
The Offer is being made through the Book Building Process, in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors.