Angel Broking jumps 20% as Q2 profit jumps to Rs 74.6 crore
Angel Broking said that its total income during the second quarter of the FY 2020-21 stood at Rs 317.9 crore.
Angel Broking’s Rs 600 crore initial public offering (IPO) has been reportedly subscribed 49 per cent so far on the first day of the bidding process on Tuesday.
As per the data available on the exchanges, the issue has received bids for Rs 67.86 lakh equity shares against the offer size of 1.37 crore equity shares (excluding anchor book).
As per a report on Money Control, the retail investors subscribed the IPO of the fourth largest broking house by 92.72 per cent against the reserved portion. The non-institutional investors backed the IPO by 12.95 per cent bids but qualified institutional buyers have not started bidding yet.
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Angel Broking is aiming to raise Rs 600 crore through the IPO, which comprises fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders.
The company has fixed a price band of Rs 305-306 per share for its IPO. The initial share-sale will be closed on September 24.
Ahead oh of this public issue, the company raised nearly Rs 180 crore from anchor investors.
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.
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book-running lead managers to the issue. The equity shares are proposed to be listed on both NSE and BSE.
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