Angel broking IPO
Angel Broking plans to raise Rs 600 crore through this IPO. The price band for this has been fixed at Rs 305-306. It will open on 22 September and close on 24 September. Anchor investors can bid on 21 September.
The overwhelming response to the issue of Happiest Minds IPO has given a massive return to the IPO market. Angel Broking, one of the largest retail brokerage houses in India, angel broking IPO is going to open on September 22. The company has fixed the band price for angel broking IPO at Rs 305-306 after consulting with merchant bankers.
How much money will be raised through angel broking IPO
The company plans to raise Rs 600 crore through this IPO market. Out of this, promoters and investors will offer to sell their stake for Rs 300 crores while new shares of Rs 300 crores will be issued, In the offer for sale, promoter managing director of angel broking Ashok D Thakkar will sell equity shares worth Rs 18.33 crore and Sunita A Magnani for Rs 4.5 crore. Also, the investor International Finance Corporation (IFC) will sell a stake of Rs 120 crore and individual shareholders Rs 157.16 crore.
Under the issue, the promoter of the company Ashok Thakkar will sell shares worth Rs 20.8 crore. At the same time, International Finance Corporation, a subsidiary of World Bank, will sell its shares worth Rs 120 crore.
What does the company do
The company’s issue will close on September 24. Anchor investors will be able to bid on September 21, a day before the issue opens. Bids can be made for angel broking IPO at least 49 shares. Angel Broking is a technology-based financial services company that offers broking and advisory services, as well as margin funding, loan against shares, and a variety of financial services.
Growth position of the company
The number of customers of the company has steadily increased. During the 1st quarter ended June 2020, the company added an average of 1,15,565 new customers every month, an increase of 147.59 percent over FY 2020. In the first quarter of FY 2021, the company added 85.21 percent of customers digitally while 14.79 percent of customers came from a network of over 11,000 authorized people.
As of June 2020, Angel Broking manages client assets worth Rs 13,254 crore and has 21.5 lakh operational broking accounts. This will be the eighth IPO this year. This has led to IPOs of SBI Card, Rosari Biotech, Mindspace Business Parks Reit, Happiest Minds and Root Mobile. The IPO of CAMS and Chemcon Specialty Chemicals opens on September 21.
Fourth largest broker in india
Angel Broking is the fourth largest broker company on NSE in terms of active clients. Its market share as of June 2020 was 6.3 per cent. In this case, Zerodha Broking ranks first with around 16 per cent market share. ICICI Securities (9.2 per cent) is second and RKSV Securities (6.4 per cent) is at number four.
Listing at NSE/BSE
Angel Broking’s equity shares will be listed on both NSE and BSE. The company has appointed ICICI Securities, Edelweiss Financial Services and SBI Capital Markets as lead managers for the issue, while Link Intime India has been made the registrar.
The company says that the proceeds from the issue will be used for its operating capital and the remaining amount will be used for general corporate needs. The management of the issue has been assigned to ICICI Securities, SBI Capital Markets, and Edelweiss Financial Services.
Application to be made for 49 shares at least for the angel broking IPO
Bids can be bid for a minimum of 49 equity shares and thereafter in multiples of 49-49 equity shares.
Angel broking IPO full details
|Bid/Offers open on||Sept 22, 2020|
|Bid/Offers closed on||sept 24, 2020|
|Issue size||(.) Eq Shares of face value Rs. 10|
(aggregating up to Rs. 600.00 Cr)
|face value||Rs. 10 per equity share|
|IPO Price||Rs. 305 to Rs. 306 per equity share|
|Listing at||NSE/BSE Exchange|
|Fresh issue||(.) Eq Shares of Face value Rs. 10|
(aggregating up to Rs. 300.00 Cr
|Offer for sale||(.) Eq Shares of Face value Rs. 10|
(aggregating up to Rs. 300.00 Cr
|Finalization of the basis of allotment||Sept 29, 2020|
|Initiation of refund||Sept 30, 2020|
|The credit of share to the Demat account||Oct 1, 2020|
|Angel broking IPO Listing date||Oct 5, 2020|
|Market a lot||One lot will issue 49 equity shares.|
|Issue type||Book Built Issue IPO|
|Minimum share order quantity||49 Equity shares|
|Maximum lots booking quantity||The minimum lot booking is 1, 49 shares, the price of 90 shares is Rs. 14994.00|
|Minimum lots booking quantity||The maximum lot booking is 13, 637 Shares in 14 lot, The price of 1170 shares is Rs. 194922.00|
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