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    Anand Rathi Wealth IPO subscribed 3 times on Day 2

    Anand Rathi Wealth IPO subscribed 3 times on Day 2

    Anand Rathi Wealth IPO subscribed 3 times on Day 2
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    By CNBCTV18.com  IST (Updated)

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    Anand Rathi IPO: Anand Rathi Wealth's initial public offering (IPO) was subscribed more than three times on Friday, the second day of the bidding process. Anand Rathi Wealth shares are available for bidding in a price band of Rs 530-550 in multiples of 27 under the IPO.

    Anand Rathi Wealth's initial public offering (IPO) was subscribed more than three times on Friday, the second day of the bidding process. Mumbai-based financial services firm Anand Rathi Wealth's IPO is entirely an offer for sale (OFS) by promoters and existing shareholders. The company aims to raise Rs 660 crore through the IPO.
    At the end of the day, the Anand Rathi IPO received bids for 2.6 crore shares as against the 84.8 lakh shares on offer, a subscription of three times.
    The portion reserved for retail investors was subscribed 4.8 times and that for non-institutional investors 3.1 times. The qualified institutional buyers (QIBs) category saw a subscription of 17 per cent.
    On Thursday,  Anand Rathi initial share sale was fully subscribed, receiving binds for 1.4 crore shares.
    Under the Anand Rathi Wealth IPO, shares are available for bidding in a price band of Rs 530-550 in multiples of 27. The Anand Rathi IPO will close for subscription on Monday, December 6.
    Anand Rathi Wealth shares are likely to be listed on stock exchanges BSE and NSE on December 14. The company raised Rs 194 crore from 12 anchor investors ahead of the IPO.
    Anand Rathi Wealth - part of financial services group Anand Rathi -  aims to avail of the benefits of listing shares on bourses. Anand Rathi Wealth is the wealth management arm of Anand Rathi Financial Services.
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