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Anand Rathi Wealth IPO subscribed 1.6 times on Day 1

Anand Rathi Wealth IPO subscribed 1.6 times on Day 1

Anand Rathi Wealth IPO subscribed 1.6 times on Day 1
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By CNBCTV18.com Dec 3, 2021 8:30:56 AM IST (Updated)

Anand Rathi Wealth IPO: Anand Rathi's IPO, which opened for subscription on December 2, closes on December 6. Through the offer, Anand Rathi Wealth aims to raise Rs 660 crore. Anand Rathi shares will likely be listed on BSE and NSE on December 14.

Anand Rathi Wealth's initial public offering (IPO) was fully subscribed on Thursday, the first day of the bidding process. Mumbai-based financial services firm Anand Rathi Wealth's IPO is entirely an offer for sale (OFS) of 1.2 crore shares. Through the offer, Anand Rathi Wealth aims to raise Rs 660 crore.

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At the end of the day, the Anand Rathi Wealth IPO received bids for 1.4 crore shares as against the 84.8 lakh shares on offer, a subscription of 1.6 times.
The portion reserved for non-institutional investors was subscribed 1.9 times, and that for retail investors 2.5 times. The quota reserved for qualified institutional buyers (QIBs) was booked one percent.
Out of the total shares on offer, 50 percent are reserved for qualified investor buyers (QIB), 15 percent for non-institutional investors, and 35 percent for retail investors. Nearly 2.5 lakh shares are reserved for employees, who will get a discount of Rs 25.
Anand Rathi Wealth shares are available for bidding in a price band of Rs 530-550 in multiples of 27 under the IPO, which will close for subscription on Monday, December 6. The subscription window for the Anand Rathi IPO will close on Monday, December 6.
Anand Rathi Wealth shares are likely to be listed on stock exchanges BSE and NSE on December 14
Anand Rathi Wealth - part of financial services group Anand Rathi -  raised Rs 194 crore from 12 anchor investors ahead of the IPO.
Anand Rathi Wealth aims to avail of the benefits of listing shares on bourses.
Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services. It is registered with the Association of Mutual Funds in India (AMFI), and focuses on the sale of financial products and mutual fund distribution.
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