Brokerage firm Anand Rathi Share and Stock Brokers, whose IPO garnered healthy investor interest with subscription crossing over 20 times, is set to debut on the bourses on Tuesday, September 30.
According to market sources, the company’s shares are commanding a grey market premium (GMP) of ₹27 ahead of listing. Based on the upper band issue price of ₹414 and the current GMP, the estimated listing price comes at ₹441 per share, about 6.52% higher than the issue price.
The grey market premium reflects the expected difference between an IPO’s issue price and its anticipated listing price in the unofficial market. However, analysts caution that GMP is only an early indicator and should not be the sole factor in making investment decisions.
Harshal Dasani, Business Head at INVasset PMS, said India’s financialization theme continues to support platforms like Anand Rathi, though revenues will remain sensitive to equity market cycles. “The GMP points to a modest premium, indicating fair appetite for listing-day action,” he noted.
Unlike pure-play listing pops, Dasani added, this IPO offers a medium-term hold story, giving investors exposure to structural growth in capital markets along with reasonable near-term listing prospects.
Anand Rathi IPO details
The IPO, open between September 23 and 25, received bids for 27.65 crore shares against an offer of 1.26 crore shares, resulting in a subscription of nearly 222 times.
The retail portion was subscribed 5.11 times, while non-institutional investors (NIIs) showed robust demand at 30.16 times. The qualified institutional buyers (QIBs) category saw the highest interest, subscribed 46.25 times, while the employee portion was subscribed 2.70 times.
The ₹745 crore IPO consists entirely of a fresh issue of 1.80 crore shares, with a price band set at ₹393– ₹414 per share.
About Anand Rathi
Anand Rathi Share and Stock Brokers, valued at ₹2,600 crore, operates as a full-service brokerage firm that offers broking services, margin trading, and the distribution of financial products under the Anand Rathi brand.
As of March 31, 2025, the company offers broking services through 90 branches, 1,125 authorized agents across 290 cities, and online platforms, serving clients in Tier 1, Tier 2, and Tier 3 cities.
The company’s financial performance in the past few years has been solid, with profits in FY25 increasing by 34 per cent to ₹103.6 crore compared to ₹77.3 crore in the prior year. During the same fiscal period, revenue grew by 24 per cent, reaching ₹845.7 crore, up from ₹681.8 crore.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.