IPO Details
Bidding Dates
23 Sept 25 - 25 Sept 25
Price Range ₹
393 - 414
Total Equity
₹ 0.00Cr
Lot Size
36
Exchange Status
NSE,BSE
IPO Doc
Subscription Rate
Non-Institutional Investor
4.78×
Qualified Institutional Buyers
43.80×
Employees
2.56×
Retail Investors
4.78×
Total subscription Rate
20.66×
IPO Timeline
Offer start
23 Sept 2025
Offer end
25 Sept 2025
Allotment
26 Sept 2025
Refund initiation
29 Sept 2025
Demat transfer
29 Sept 2025
Listing
30 Sept 2025
Offer start
23 Sept 2025
Offer end
25 Sept 2025
Allotment
26 Sept 2025
Refund initiation
29 Sept 2025
Demat transfer
29 Sept 2025
Listing
30 Sept 2025
About Company
Incorporated in 1991, Anand Rathi Share and Stock Brokers Limited is a full-service broking company and part of the Anand Rathi Group, a well-known financial services conglomerate. With over three decades of operations, the company provides broking services, margin trading, and financial product distribution across equities, derivatives, commodities, and currency markets. As of March 31, 2025, the company had: 90 branches & 1,125 authorized agents across 290 cities. 2,082 permanent employees. A strong digital presence enabling client acquisition and servicing in Tier 1, 2, and 3 cities. Majority of its client base (84.36%) over the age of 30. Key Offerings: Broking services (Retail, HNI, UHNI, Institutions) Margin Trading Facility (MTF) to boost ARPC (Average Revenue Per Client) Distribution of financial products (Mutual Funds, AIFs, PMS, FDs, Bonds)
Year Founded
22-11-1991
Promotor Details
Pradeep Gupta
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 100 | 0 |
| Share Capital | 44355408 | 0 |
Project Details
- Funding long-term working capital requirements of our Company - 5500cr
Objectives
- Our Company proposes to utilise the Net Proceeds from the Issue towards the following objects:Funding long-term working capital requirements of our Company
- andGeneral corporate purposes.
Highlights
- Offers a wide basket: broking, margin trading, and product distribution, reducing reliance on a single revenue stream.
- Over 30 years in business with a trusted brand and experienced promoters, supporting client retention and growth.
- Among the highest in the peer group, supported by its MTF strategy and HNI/UHNI focus.
- Consistent revenue and profit growth; PAT up 34% in FY25 with healthy return ratios (ROE 23.12%).
- Extensive offline reach (branches/agents) combined with strong digital platforms enables expansion across Tier 1–3 cities.
Challenges
- Debt/Equity at 1.8x; reliance on borrowings may put pressure in high interest rate scenarios.
- Revenue is highly linked to market volumes and sentiment; downturns could impact growth significantly.
- Faces intense competition from discount brokers (Zerodha, Groww, Upstox) offering low-cost services.
- 84% of clients are above 30; may need to strengthen appeal among younger digital-native investors.
- Post-IPO P/E at ~25x, which is on the higher side compared to some peers, raising valuation risk.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2023 | 16,211.33 | 201.62 | 1,036.06 | 1,036.06 | 23.3578 |
| 2024 | 25,850.99 | 221.78 | 377.45 | 377.45 | 9.3604 |
| 2022 | 13,332.78 | 134.41 | -1,252.19 | -1,252.19 | -4.8023 |
| 2025 | 33,650.01 | 221.78 | 377.45 | 377.45 | 9.3604 |
