Angel Broking’s initial public offering (IPO) of Rs 600 crore is open for bidding for three days on Tuesday, September 22, until September 24. The brokerage firm has fixed the price band of the share offer at Rs 305 per 306 rupees. The shares will be listed on BSE and NSE on 5 October.
The public offer includes a fresh issue of Rs 300 crore and a sale offer of Rs 300 crore. Applicants can bid for at least 49 shares and then 13 lots in multiples.
Angel Broking plans to raise Rs 600 crore through a public issue (at the high end of the price band). It will meet its working capital requirements and use the proceeds from the fresh issue for general corporate purposes.
Incorporated in 1996, Angel Broking is one of the oldest stock broking houses in the country. It provides brokerage, advisory and financial services to the investing community. Dinesh D., promoter of Angel Broking. Thakkar, Ashok D. Thakkar and Sunita A. Are magnanimous.
The lead managers of the public offer are ICICI Securities, Edelweiss Capital and SBI Capital Markets, while the registrar is Link Intime India.
The last major broking firm to list on the Indian markets was ICICI Securities, which went back in March 2018. Some other leading broking firms to tap on primary markets were Motilal Oswal Financial Services in 2007 and MK Global in 2006.
Angel Broking public offering will be the eighth IPO in this calendar year after SBI Card, Rosari Biotech, Mindspace Business Park REIT, Happiest Minds, Root Mobile, Chemcon Specialty Chemicals and Computer Edge Services.