Anand Rathi Share & Stock Brokers Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹393 - ₹414
- Lot size
- 36 shares
- Issue amount
- ₹745 cr
- Total subscription
- 0.98×
- Opens
- 23 Sept 2025
- Closes
- 25 Sept 2025
- Allotment
- 26 Sept 2025
- Listing
- 30 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 1,79,95,169 shares
- Face value
- ₹5 per share
- Minimum investment
- ₹14,148
- Fresh issue
- ₹745 cr
- Offer for sale
- ₹0 cr
- Registrar
- Link Intime India Private Ltd (MUFG)
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,904
- Issue type
- Bookbuilding IPO
- Shares before issue
- 4,47,14,558
- Shares after issue
- 6,27,09,727
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 36 | ₹14,904 |
| sHNI | 14 | 504 | ₹2,08,656 |
| bHNI | 68 | 2,448 | ₹10,13,472 |
Share reservation
Subscription & GMP
Subscription by category
Reported 24 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,72,454 | 6,52,159 |
| EMPLOYEES | 0 | 7,469 |
| HNIs(10L +) | 3,519 | 19,529 |
| HNIs (2-10L) | 1,760 | 42,693 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 146.68 | 3,899.06 |
| FIIs | 0 | 1,476.83 |
| FIs | 0 | 1,462.32 |
| Mutual Funds | 0 | 109.98 |
| Others | 0 | 679.41 |
| RETAIL | 257.03 | 1,141.55 |
| NIB | 110.15 | 3,201.83 |
| HNIs 2+ | 36.72 | 920.76 |
| HNIs 10+ | 73.44 | 2,281.07 |
| EMPLOYEES | 10.64 | 27.77 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 0 | 0 | 0 |
| ROE | 23.12 | 23.5 | 15.32 |
| ROCE | 21.32 | 21.48 | 16.72 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 17.87 | 0 | 0 |
| POST IPO(PE) | 25.06 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Motilal Oswal Financial Services | 20.91 | 857.35 | 1 | 185.73 | 25.21 | 41.83 |
| Anand Rathi Share and Stock Brokers Limited | NA | NA | 5 | 113.57 | 23.12 | 22.36 |
| IIFL Capital Services Limited | 13.49 | 295.35 | 2 | 80.98 | 33.17 | 23.06 |
| Geojit Financial Services Limited | 11.53 | 71.11 | 1 | 44.57 | 15.49 | 6.18 |
| Angel One Limited | 17.42 | 2,209.00 | 10 | 624.53 | 7.78 | 130.05 |
Company information
Company profile
Anand Rathi Share and Stock Brokers Limited, incorporated in 1991, is a full-service broking company and part of the Anand Rathi Group, offering a wide range of financial services. Under the ‘Anand Rathi’ brand, it provides broking services across equity, derivatives, commodities, and currency markets, along with margin trading facilities and distribution of investment products like mutual funds, AIFs, bonds, fixed deposits, and PMS. As of March 31, 2025, the company operated through 90 branches, 1,125 authorized agents across 290 cities, and online platforms, serving retail, HNI, UHNI, and institutional clients nationwide, with 84.36% of its active clients aged over 30. Backed by over three decades of experience, it employed 2,082 people as of March 2025.
Strengths
- High ARPC Benefit – The company leads peers with the highest Average Revenue Per Client (ARPC), ensuring better earnings from each customer.
- MTF-Driven Growth – Strategic focus on the Margin Trading Facility (MTF) boosts ARPC and strengthens profitability.
- Diversified Business Model – As a full-service brokerage, the company gains from multiple revenue sources including broking, MTF, and financial product distribution.
Risk factors
- Revenue Dependence Risk – A large share of revenue comes from broking and MTF; any slowdown in these areas can seriously affect financial performance.
- Market Volatility Exposure – Business is highly dependent on economic conditions and stock market fluctuations in India and globally, which can disrupt revenue and cash flow.
- Regulatory Risk – A SEBI notice on “fit and proper” criteria under SEBI (Intermediaries) Regulations, 2008 poses potential risk; any negative outcome could impact operations and reputation.
Promoters
Anand Nandkishore Rathi
Pradeep Navratan Gupta
Priti Pradeep Gupta
Anand Rathi Financial Services Limited
Registrar & documents
Lead manager
Nuvama Wealth Management Limited, Dam Capital Advisors Limited, Anand Rathi Advisors Limited
Registrar & contacts
Link Intime India Private Ltd (MUFG)
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Express Zone, A Wing, 10th Foor, Western Express Highway, Goregaon (E), Mumbai - Goregaon, Maharashtra, 400063
+91 22 - 6281 70
[email protected]Company website ↗Understanding ARSSBL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.