Updated: December 14, 2021 10:34:19 am
Anand Rathi Wealth share price: Shares of Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, debuted on a positive note and got listed at a premium of over 9 per cent above their issue price in the stock exchanges today.
The scrip got listed at Rs 602.05 apiece on the BSE, thereby registering a gain of 9.46 per cent from its offer price of Rs 550.00, while on the National Stock Exchange (NSE), it opened at Rs 600.00, up 9.09 per cent from the issue price.
The stock initially inched higher from its opening levels and within seconds touched a high of Rs 614.95 on BSE and Rs 615.00 on NSE, but gave up some gains soon after.
At 10:15 am, the scrip was trading at Rs 568.70 on the BSE, up 3.40 per cent from the issue price while on NSE it was at Rs 570.40, up 3.71 per cent. The market capitalisation stood at Rs 2,366.71 crore, data from the BSE showed.
Over 65 lakh shares of Anand Rathi Wealth were traded so far on NSE while nearly 3.71 lakh shares have exchanged hands on the BSE, data from the respective stock exchange showed.
Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and sale of financial products.
The company commenced operations in fiscal 2002 and is a registered mutual fund distributor with AMFI (Association of Mutual Funds of India). It has evolved into providing well-researched solutions to its clients through a mix of wealth solutions, financial product distribution and technology solutions.
The IPO was met with a strong subscription during its offer period from December-2-6, 2021. It saw a 9.78 times subscription on the final day.
Reacting to the listing, Santosh Meena, Head of Research at Swastika Investmart, said, “Anand Rathi is debuting the secondary market with moderate listing gain which is on the expected line. Long-term investors should hold this stock on the back of a strong industry outlook while those who applied for listing gain can keep a stop loss of Rs 550. New investors can look for buying opportunities at any dip with a long term view.”
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