Shares of Anand Rathi Wealth made a weak debut on Dalal Street as the stock listed at a premium of just over 9 per cent over the IPO issue price.
On the Bombay Stock Exchange (BSE), the stock got listed at Rs 602.05, which is a 9.46 per cent premium over its IPO issue price of Rs 550. On the National Stock Exchange (NSE), the company’s shares got listed at Rs 600 or a premium of just over 9 per cent. At around 11 am, the shares of the company were trading at Rs 582 on NSE and BSE.
The company’s market listing today was in line with the grey market premium of the IPO on Monday. The Rs 660 crore initial public offering of Anand Rathi Wealth that was open from December 2 to December 6 saw decent subscription. On the final day of bidding, the IPO was subscribed 9.78 times.
Anand Rathi Wealth is a subsidiary of Mumbai-based financial services group Anand Rathi Financial Services.
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Anand Rathi Wealth is one of the leading non-bank wealth solutions firms in India and it has been ranked amongst the top three non-bank mutual fund distributors in the country. The company has a wide product portfolio of wealth solutions, financial product distribution and technology solutions for its clients.
The company had reported a profit of Rs 45.09 crore in FY21, lower than over 61.61 crore in the previous year. Its revenue also declined a bit from Rs 265 crore from Rs 331.83 crore in the same period. The profit for the five-month period that ended in August stood at Rs 51.08 crore on revenue of Rs 166.92 crore.