Angel Broking’s ₹600-crore IPO opens for subscription today: All you need to know

Investors can bid for a minimum of 49 equity shares and in multiples of 49 equity shares thereafter. They will have to pay at least ₹14,945 to bid for the issue. Retail investors can bid for a maximum of 13 lots.

Angel Broking will on Tuesday launch its initial public offering (IPO) to raise an estimated ₹600 crore. The company is aiming to raise the amount through the IPO, which comprises fresh issuance of shares worth ₹300 crore and offer for sale of ₹300 crore by promoters and other shareholders.

TAngel Broking has fixed a price band of ₹305- ₹306 per share for its IPO. The shares will be listed on both BSE and NSE on October 5, 2020. NSE is the designated stock exchange for the purpose of the offer. (iStock)

Here’s what you need to know:

* The company has fixed a price band of ₹305- ₹306 per share for its IPO. The shares will be listed on both BSE and NSE on October 5, 2020. NSE is the designated stock exchange for the purpose of the offer.

* The fourth-largest broking firm’s IPO will be open until September 24.

* International Finance Corporation will sell shares to the tune of ₹120 crore in the offer for sale.

* Investors can bid for a minimum of 49 equity shares and in multiples of 49 equity shares thereafter. They will have to pay at least ₹14,945 to bid for the issue. Retail investors can bid for a maximum of 13 lots.

* Proceeds of the issue will be used by Angel Brokings for meeting working capital requirements and for general corporate purposes.

* ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book-running lead managers to the issue. Link Intime India is the registrar.

* The quota for retail investors in Angel Broking IPO is fixed at 35% of the net offer. QIB quota is fixed at 50%, while the NII at 15%. Company may allocate up to 60% shares of the QIB Portion to Anchor Investors. There is no employee quota.

* Angel Broking, a leading full-service retail broking house in the country, has presence across 1,800 cities and towns through a network of sub-brokers and over 110 branches.

* It was incorporated in 1996 and is one of the oldest stock broking houses in the country. Dinesh Thakkar, Ashok Thakkar and Sunita Magnani are the promoters of the brokerage firm.

* The company has witnessed consistent growth in its customer base. There has been gross client addition of 22 lakh, 2.6 lakh, 5.6 lakh and 3.5 lakh in FY18, FY19, FY20, and Q1 FY21, respectively.

* Angel Broking witnessed an average monthly client addition of approximately 115,565 in the quarter that ended in June, over a monthly average of 46,676 clients in FY20 representing a growth of 147.59%.

* In Q1 FY21, 85.21% of clients have been acquired digitally and the remaining 14.79% through a network of more than 11,000 authorised persons.

(With agency inputs)