Angel Broking IPO fully subscribed on day 2
Published on Sep 23, 2020 17:59
The initial public offer (IPO) of Angel Broking received bids for 2 crore shares on Wednesday, 23 September 2020, as against 1.37 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:30 IST. The issue was subscribed 1.46 times.
The issue opened for bidding on Tuesday, 22 September 2020 and it will close on Thursday, 24 September 2020. The price band for the IPO is set at Rs 305-306 per share.
The IPO comprises of a fresh issue worth Rs 300 crore by the company and an offer for sale aggregating Rs 300 crore (including anchor portion of 52.82 lakh equity shares).
Ahead of the IPO, the company raised over Rs 180 crore from anchor investors on Monday, 21 September 2020. The company allotted 58.82 lakh shares at Rs 306 each to a total of 12 anchor investors.
The net proceeds from the fresh issue will be utilised towards meeting working capital requirements and general corporate purposes. The company proposes to utilise Rs 230 crore of the net proceeds to meet working capital requirements.
The company expects to achieve the benefits of listing of the equity shares on the stock exchanges through enhancement of company`s brand name and the creation of a public market for the equity shares in India.
The company recorded sales of Rs 238.42 crore and profit after tax of Rs 48.26 crore in the quarter ended on 30 June 2020.
Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE. Its a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to clients.
Angel Broking is the fourth largest broker in terms of active clients on NSE with a market share of 6.29% end June 2020.
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