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Angel Broking IPO to open on Sep 22, price band fixed at Rs 305-306

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Domestic brokerage house Angel Broking is set to launch its initial public offering (IPO) on September 22, 2020.

Angel Broking IPO to open on Sep 22, price band fixed at Rs 305-306
Domestic brokerage house Angel Broking is set to launch its initial public offering (IPO) on September 22, 2020.
The company plans to raise Rs 600 crore from the IPO comprising a fresh issue of Rs 300 crore and an offer for sale aggregating to Rs 300 crore by promoters and investors. The price band for the issue has been fixed at Rs 305-Rs 306 per equity share.
The offer for sale comprises of Rs 18.33 crore worth of equity shares by promoter Ashok D Thakkar and Rs 4.5 crore worth of shares by Sunita A Magnani, and Rs 120 crore and Rs 157.16 crore worth of shares by investors IFC and individual selling shareholders, respectively.
The IPO will open for subscription on September 22 and close on September 24. The anchor investors’ bidding date will be September 21, a day prior to the offer opening date.
The investors can bid for a minimum of 49 equity shares and in multiples of 49 shares thereafter.
The company has appointed ICICI Securities, Edelweiss Financial Services and SBI Capital Markets as the book-running lead managers to the offer.
The equity shares are proposed to be listed on both National Stock Exchange and BSE Limited.
The IPO of Angel Broking would be the eighth issue in 2020 after SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds, Route Mobile, CAMS and Chemcon Speciality Chemicals.
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