Anand Rathi Share & Stock Brokers IPO
Bookbuilding IPO | ₹746.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Sep 23, 2025
IPO Close
Thu, Sep 25, 2025
Price Band
₹393.00 to ₹414.00
Market Cap (Pre-IPO)
₹2,596.18 Cr
IPO Details
| IPO Date | Sep 23, 2025 to Sep 25, 2025 |
| Listing Date | Tentative: Sep 30, 2025 |
| Face Value | ₹5.00 per share |
| Price Band | ₹393.00 to ₹414.00 |
| Lot Size | 36 Shares (Minimum: ₹14,904.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹746.00 Crores |
| Total Shares Offered | 18,010,692 shares |
| Offer For Sale | 18,010,692 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 46.25x |
| NII | 30.16x |
| RII | 5.11x |
| Total | 21.83x |
Anand Rathi Share & Stock Brokers IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 88,76,810 (49.29%) |
| Retail Shares Offered | 62,13,769 (34.50%) |
| NII Shares Offered | 26,63,044 (14.79%) |
Anand Rathi Share & Stock Brokers IPO Lot Size
Investors can bid for a minimum of 36 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,904 |
| Retail (Max) | 13 | 468 | ₹193,752 |
| S-HNI (Min) | 14 | 504 | ₹208,656 |
| S-HNI (Max) | 67 | 2,412 | ₹998,568 |
| B-HNI (Min) | 68 | 2,448 | ₹1,013,472 |
Anand Rathi Share & Stock Brokers Financial Information (Restated Consolidated)
Anand Rathi Share & Stock Brokers Ltd.'s revenue increased by 24% and profit after tax (PAT) rose by 34% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 3,365.00 | 2,585.10 | 1,628.78 |
| Total Income | 847.00 | 683.26 | 468.70 |
| Profit After Tax | 103.61 | 77.29 | 37.75 |
| EBITDA | 311.27 | 230.58 | 115.07 |
| NET Worth | 503.76 | 392.66 | 265.23 |
| Reserves and Surplus | 481.58 | 370.48 | 245.07 |
| Total Borrowing | 905.57 | 879.24 | 423.00 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 23.12% |
| ROCE (Return on Capital Employed) | 21.32% |
| Debt/Equity | 1.80 |
| RoNW (Return on Net Worth) | 23.12% |
| PAT Margin (Profit After Tax Margin) | 12.23% |
| EBITDA Margin | 36.81% |
| Price to Book Value | 4.68 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 23.17 | 16.52 |
| P/E (x) | 17.87 | 25.06 |
| Promoter Holding | 98.06% | 69.90% |
Company Promoters
- Anand Nandkishore Rathi
- Pradeep Navratan Gupta
- Priti Pradeep Gupta and Anand Rathi Financial Services Limited are the promoters of the company.
Company Overview
Incorporated in 1991, Anand Rathi Share and Stock Brokers Limited is a Full-Service broking company. The Company is a part of the Anand Rathi group which carries out a diverse range of financial services
The company provides broking services, margin trading, and financial product distribution under the ‘Anand Rathi’ brand, offering investment options in equity, derivatives, commodities, and currency markets to various clients.
As of March 31, 2025, 84.36% of the company’s active clients were over 30 years old. With three decades of experience and diverse offerings, the company is well-positioned for growth.
As of March 31, 2025, the company offers broking services through 90 branches, 1,125 authorized agents across 290 cities, and online platforms, serving clients in Tier 1, Tier 2, and Tier 3 cities.
Offerings & Services:
- Broking Services: The company provides broking services to retail, high net worth, ultra-high net worth individuals, and institutions across equity, derivatives, commodities, and currency markets through branches, authorized agents, and digital platforms.
- Margin Trading Facility: The company offers margin trading facilities, allowing clients to leverage eligible collateral for equity cash delivery trades. Funding is based on margin requirements set by stock exchanges.
- Distribution of investment products: The company distributes third-party financial products, including mutual funds, AIFs, fixed deposits, bonds, and portfolio management services, through relationship managers and digital platforms.
As of March 31, 2025, the company had 2,082 permanent employees.
Company Strengths
- The highest ARPC amongst peer set
- Strategic use of MTF Business to drive higher ARPC
- Full service brokerage house with diversified revenue streams
- Pan India presence combined with robust digital capabilities for client acquisition and servicing
- Established brand with more than a 3 decade legacy backed by experienced Promoters and a strong management team
- Strong track record of financial performance and consistent growth
Use of Proceeds
| 1) | Funding long-term working capital requirements of the Company | 550.00 |
| 2) | General corporate purposes | 153.50 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Anand Rathi Share & Stock Brokers IPO Peer Comparison
Anand Rathi Share & Stock Brokers peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Anand Rathi Share and Stock Brokers Limited | 23.36 | 22.46 | 113.57 | 0.00 | 23.12 | 0.00 | Consolidated |
| Motilal Oswal Financial Services Ltd. | 41.83 | 41.00 | 185.73 | 20.91 | 25.21 | 4.63 | Consolidated |
| IIFL Capital Services Limited | 23.06 | 21.89 | 80.98 | 13.49 | 33.17 | 3.69 | Consolidated |
| Geojit Financial Services Ltd | 6.18 | 6.17 | 44.57 | 11.53 | 15.49 | 1.61 | Consolidated |
| Angel One Limited | 130.05 | 126.82 | 624.53 | 17.42 | 7.78 | 0.00 | Consolidated |
Quick Info
| Sector | Financial Services & Investments |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹2,596.18 Cr |
Important Dates
| IPO Open | Sep 23, 2025 |
| IPO Close | Sep 25, 2025 |
| Allotment Date | Sep 26, 2025 |
| Credit to Demat | Sep 29, 2025 |
| Listing Date | Tentative: Sep 30, 2025 |
Lead Manager(s)
Nuvama Wealth Management Ltd.
Registrar
Description
- Anand Rathi Share & Stock Brokers Ltd. IPO is a book build issue of ₹745.64 crores. The issue is entirely a fresh issue of 1.80 crore shares of ₹745.64 crore.
- Anand Rathi Share IPO bidding started from Sep 23, 2025 and ended on Sep 25, 2025. The allotment for Anand Rathi Share IPO was finalized on Sep 26, 2025. The shares got listed on BSE, NSE on Sep 30, 2025.
- Anand Rathi Share IPO price band is set at ₹414.00 per share . The lot size for an application is 36. The minimum amount of investment required by an retail is ₹14,904 (36 shares) (based on upper price). The lot size investment for sNII is 14 lots (504 shares), amounting to ₹2,08,656, and for bNII, it is 68 lots (2,448 shares), amounting to ₹10,13,472.
- The issue includes a reservation of up to 2,57,069 shares for employees offered at a discount of ₹25.00 to the issue price.