Angel Broking’s IPO or initial public offering of Rs 600 crore will open for subscription today. Mumbai-based brokerage Angel Broking has fixed a price band of Rs 305-306 per share for its IPO. The public offering will be open for membership from 22 to 24 September from 10 pm to 5 pm, which will include the sale of new shares worth Rs 300 crore and shares (promoters for sale) equal to the promoters. International Finance Corporation will sell shares in Offer for Sale for Rs 120 crore.
The company plans to use the funds raised through an IPO for general corporate purposes.
The shares will be listed on the stock markets BSE and NSE on 5 October.
Investors can buy one to 13 lots of shares, which means 49-637 shares under the Angel Broking IPO.
“FY20 and Q1 FY21 annualized EPS, the stock in the upper price band will trade at a P / E of 27x and 12x respectively. Multiples are similar to ICICI Securities, which is a much larger player but has a much greater reliance on the branch model The measured profit in terms of ROE was at 48% for ICICI Securities, while Angel was at 13.9 percent, “Yes Securities said in a note.