Anand Rathi Share & Stock Brokers Limited IPO
Anand Rathi Share & Stock Brokers Limited IPO
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Anand Rathi Share & Stock Brokers Limited's successfully completed its Initial Public Offering and commenced trading on 30-09-2025 at the NSE, BSE exchange. The company raised 1,79,95,169 Shares through this public offering, comprising 1,79,95,169 Shares in fresh capital.
The IPO was priced within the band of ₹393 to ₹414, with minimum application lots of 36 shares. The offering attracted significant investor interest during its subscription period from 23-09-2025 to 25-09-2025.
Share allotment was finalized on 26-09-2025, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Anand Rathi IPO About Company
Anand Rathi Share and Stock Brokers Limited, incorporated in 1991, is a full-service broking company and part of the Anand Rathi Group, offering a wide range of financial services. Under the ‘Anand Rathi’ brand, it provides broking services across equity, derivatives, commodities, and currency markets, along with margin trading facilities and distribution of investment products like mutual funds, AIFs, bonds, fixed deposits, and PMS. As of March 31, 2025, the company operated through 90 branches, 1,125 authorized agents across 290 cities, and online platforms, serving retail, HNI, UHNI, and institutional clients nationwide, with 84.36% of its active clients aged over 30. Backed by over three decades of experience, it employed 2,082 people as of March 2025.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Anand Rathi IPO Strength Factors
- High ARPC Benefit – The company leads peers with the highest Average Revenue Per Client (ARPC), ensuring better earnings from each customer.
- MTF-Driven Growth – Strategic focus on the Margin Trading Facility (MTF) boosts ARPC and strengthens profitability.
- Diversified Business Model – As a full-service brokerage, the company gains from multiple revenue sources including broking, MTF, and financial product distribution.
Anand Rathi IPO Risk Factors
- Revenue Dependence Risk – A large share of revenue comes from broking and MTF; any slowdown in these areas can seriously affect financial performance.
- Market Volatility Exposure – Business is highly dependent on economic conditions and stock market fluctuations in India and globally, which can disrupt revenue and cash flow.
- Regulatory Risk – A SEBI notice on “fit and proper” criteria under SEBI (Intermediaries) Regulations, 2008 poses potential risk; any negative outcome could impact operations and reputation.
Anand Rathi IPO Lead Manager(s)
- Nuvama Wealth Management Limited
- Dam Capital Advisors Limited
- Anand Rathi Advisors Limited
Anand Rathi IPO Promoter(s)
- Anand Nandkishore Rathi
- Pradeep Navratan Gupta
- Priti Pradeep Gupta
- Anand Rathi Financial Services Limited
Anand Rathi IPO FAQs
Anand Rathi Share & Stock Brokers Limited IPO subscribed 15.77 times. The public issue subscribed 4.44 times in the retail category,26.58times in QIB, and 31.06 times in the HNI (10+) category byNovember 21, 2025 9:40:45 AM (Day 21).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Anand Rathi IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Anand Rathi IPO FAQs
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