Anand Rathi Wealth IPO subscribed 9.78 times

The Rs 660-crore IPO received bids for 8,29,21,509 shares against 84,75,000 shares on offer, according to data available with the NSE.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and sale of financial products. (Representative image, source: Pexels)

The initial public offer of Anand Rathi Wealth Limited, part of Mumbai-based financial services group Anand Rathi, received 9.78 times subscription by the closing day on Monday.

The Rs 660-crore IPO received bids for 8,29,21,509 shares against 84,75,000 shares on offer, according to data available with the NSE.

The category for non-institutional investors was subscribed 25.42 times, Retail Individual Investors (RIIs) 7.76 times and Qualified Institutional Buyers (QIBs) 2.50 times.

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The initial public offer of up to 12,000,000 equity shares had a price range of Rs 530-550 per share.

The company had on Wednesday raised Rs 194 crore from anchor investors.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

Equirus Capital, BNP Paribas, IIFL Securities and Anand Rathi Advisors were the book running lead managers to the offer.

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