Allotment

Anand Rathi Share & Stock Brokers Ltd. launched a book-built IPO worth ₹745.64 crore. The issue comprises entirely of a fresh issue of 1.80 crore equity shares, with no offer for sale component.
The IPO opened for subscription on September 23, 2025, and closed on September 25, 2025. The allotment was finalized on September 26, 2025, and the shares were listed on both BSE and NSE on September 30, 2025.
The price band for the IPO was fixed at ₹414 per share. The minimum application lot size for retail investors was 36 shares, requiring an investment of ₹14,904 at the upper end of the price band.
For non-institutional investors:
sNII (Small NII): Minimum application of 14 lots (504 shares) amounting to ₹2,08,656
bNII (Big NII): Minimum application of 68 lots (2,448 shares) amounting to ₹10,13,472
The IPO also reserved up to 2,57,069 equity shares for employees, offered at a discount of ₹25 per share to the issue price.
Nuvama Wealth Management Ltd. acted as the book-running lead manager for the issue, while MUFG Intime India Pvt. Ltd. served as the registrar.
₹4140%
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Total Traded Value
52 Weeks High
52 Weeks Low
Updates On
IPO. Open
IPO. Close
IPO. Price
IPO Market price
| IPO Date | 30 Sep |
| IPO Listing Date | 30 Sep |
| IPO Face Value | ₹5.00 per share |
| IPO Price Range | ₹414.00 |
| IPO Issue Size | 1,80,10,692 shares |
| IPO Sale Type | Fresh Capital |
| Employee Discount | ₹25 |
| IPO Issue Type | Book Building IPO |
| IPO Listing | BSE, NSE Platform |
| Share Holding Pre Issue | 4,47,14,558 shares |
| IPO Open Date | 23 Sep |
| IPO Close Date | 25 Sep |
| IPO Allotment (Tentative) | 26 Sep |
| Refunds | 29 Sep |
| Credit to Demat Account | 29 Sep |
| IPO Listing Date | 30 Sep |
| Category | Offer |
|---|---|
| QIB Shares Offered | 37,40,457 Shares |
| NII (HNI) Shares Offered | 28,05,344 Shares |
| Retail Shares Offered | 65,45,802 Shares |
Investors can bid for a minimum of 36 shares, with additional shares to be purchased in multiples of 36.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,904 |
| Retail (Max) | 13 | 468 | ₹1,93,752 |
| S-HNI (Min) | 14 | 504 | ₹2,08,656 |
| S-HNI (Max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (Min) | 68 | 2,448 | ₹10,13,472 |
Incorporated in 1991, Anand Rathi Share and Stock Brokers Limited is a full-service brokerage firm and a key part of the Anand Rathi Group, which operates across a wide spectrum of financial services.
The company offers a comprehensive range of services under the “Anand Rathi” brand, including equity broking, margin trading, and the distribution of financial products. Its investment solutions span equity, derivatives, commodities, and currency markets, catering to a diverse client base.
As of March 31, 2025, approximately 84.36% of the company’s active clients were above 30 years of age, reflecting a mature and stable customer base. With over three decades of industry experience and a diversified service portfolio, the company is well positioned to capitalize on future growth opportunities.
The company delivers its broking services through a strong multi-channel network comprising 90 branches and 1,125 authorized agents across 290 cities, along with digital platforms. This extensive presence enables the company to effectively serve clients across Tier 1, Tier 2, and Tier 3 cities. As of March 31, 2025, the company employed 2,082 permanent staff members.
Offerings & Services
Broking Services: Provides broking services to retail clients, high net worth individuals (HNIs), ultra-high net worth individuals (UHNIs), and institutional investors across equity, derivatives, commodities, and currency markets through physical branches, authorized agents, and digital platforms.
Margin Trading Facility (MTF): Offers margin trading facilities that allow clients to leverage eligible collateral for equity cash delivery trades, in line with margin requirements prescribed by stock exchanges.
Distribution of Investment Products: Distributes third-party financial products such as mutual funds, alternative investment funds (AIFs), fixed deposits, bonds, and portfolio management services through relationship managers and digital channels.
Competitive Strengths
Highest average revenue per client (ARPC) among peers
Strategic deployment of the margin trading business to enhance ARPC
Full-service brokerage model with diversified revenue streams
Pan-India presence supported by strong digital capabilities for client acquisition and servicing
Established brand with over three decades of legacy, backed by experienced promoters and a strong management team
Consistent financial performance with a proven track record of growth
| Assets | 3,365.00 | 2,585.10 | 1,628.78 |
| Total Income | 847 | 683.26 | 468.7 |
| 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 |
| ROE | 23.12% |
| ROCE | 21.32% |
| Debt/Equity | 1.8 |
| RoNW | 23.12% |
| PAT Margin | 12.23% |
| EBITDA Margin | 36.81% |
| Price to Book Value | 4.68 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | - |
| 2 | To meet out the expenses of Working Capital Requirement | 550 |
| 3 | To meet out the General Corporate Purposes; | 153.5 |
| 4 | Offer for Sale (OFS) | - |
Anand Rathi Share & Stock Brokers Ltd. Address
Express Zone, A Wing,
10th Foor, Western Express Highway,
Goregaon (E), Mumbai –
Goregaon, Maharashtra, 400063
Phone: +91 22 – 6281 70
Email: secretarial@rathi.com
Website: https://www.anandrathi.com/
Registrar
MUFG Intime India Private Limited
C-101, 1st Floor, 247 Park L B S Marg,
Vikhroli West Mumbai – 400 083,
Maharashtra, India
+91 810 811 4949,
anandrathibrokers.ipo@in.mpms.mufg.com