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Angel Broking lists with 10% discount at Rs 275 over its issue price

Updated : October 05, 2020 03:50 PM IST

The company had fixed its price band at Rs 305-Rs 306 per equity share.

The Rs 600-crore public issue was subscribed 3.94 times during September 22-24.

The shares of Angel Broking debuted on the exchanges with 10 percent discount at Rs 275 apiece as against the issue price of Rs 306 on the BSE. It's the first IPO after July that saw a weak debut on the bourses. The shares ended 0.27 percent lower to Rs 274.25 apiece.

The company had fixed its price band at Rs 305-Rs 306 per equity share.

The Rs 600-crore public issue was subscribed 3.94 times during September 22-24., receiving bids for 5.4 crore equity shares as against the offer size of 1.37 crore equity shares, as per data available with the stock exchanges.

The retail category was subscribed 4.31 times, qualified institutional buyers portion received 5.74 times subscription and non-institutional investors category, 69 percent.

The company had said that the proceeds from the issue will be utilized to meet the working capital needs and for general corporate purposes.

The offer for sale comprised 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.

Also Read: Key things to know about Angel Broking

Angel Broking would be the seventh main board listing since July, after Rossari Biotech, Mindspace Business Parks REIT, Route Mobile, Happiest Minds Technologies, Chemcon Speciality Chemicals and Computer Age Management Services.

About the company: Angel Broking manages Rs 13,254 crore in client assets; over the last one year, the company has more than doubled its overall turnover market share in the retail broking space in India. It has over 21.5 lakh operational broking accounts with a workforce strength of 2500 employees.

The company has acquired 85.21 percent of its clients digitally in Q1FY21 through performance marketing, referrals and digital influencers. The remaining 14.79 percent through the network of authorized persons.

Angel Broking’s client base increased by 36.81 percent CAGR from 10.6 lakh in FY18 to 21.5 lakh as on June 30, 2020, of whom 0.81 million clients had traded on the exchanges in the preceding 12 months.

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