Angel Broking’s Rs 600-cr IPO subscribed 49% on Day 1
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.
Retail broking house Angel Broking Limited on Friday said it will open its initial public offering (IPO) of equity shares on September 22, 2020.
Angel Broking is aiming to raise Rs 600 crore through the offering of equity shares, which comprises fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders.
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The offer will close on September 24, 2020. The company has fixed a price band of Rs 305-306 per share for its IPO, Angel Broking said in a virtual press conference.
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“The initial public offering consists of the equity shares of the company aggregating up to Rs 6,000 million (600 crore) comprises of a fresh issue company aggregating up to Rs 3,000 (300 crore) and an offer for sale aggregating up to Rs 3,000 million (300 crore),” a company statement said.
The offer for sale would consist of Rs 18.33 crore and up to Rs 4.5 crore worth of shares by the promoters Ashok D. Thakkar and Sunita A. Magnani, and up to Rs 120 crore worth of shares by the investor IFC and up to Rs 157.16 crore of shares by the individual shareholders respectively.
Bids can be made for a minimum of 49 Equity Shares and in multiples of 49 Equity Shares thereafter.
The Equity Shares offered in the offer are proposed to be listed at both BSE Limited and the National Stock Exchange of India Limited. For the purpose of the offer, NSE is the designated stock exchange, the statement added.
ICICI Securities Limited, Edelweiss Financial Services Limited and SBI Capital Markets Limited are the book running lead managers to the offer.
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The price band for the Rs 600-crore initial public offer (IPO) is Rs 305-306 per share.
