InvestorQ : How was the subscription to the Angel Broking IPO on the first day of the issue?
Neelam Naik made post

How was the subscription to the Angel Broking IPO on the first day of the issue?

Answer
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Anu Biswas answered.
1 month ago


A day after the IPOs of CAMS and Chemcon opened for subscription the Angel Broking IPO also opened to the public at a price band of Rs.305-306. The IPO had a fairly reasonable Day-1 in the primary market with 76% of the issue getting subscribed on the first day itself.

While the total issue size was 1.38 crore shares, Angel received valid bids to the tune of 1.05 crore shares at the close of the first day. This gives a broad indication that the issue should be comfortably subscribed by close, although the grey market premiums have fallen.

Angel Broking will look to raise Rs.300 crore via new issue of shares and Rs.300 crore via OFS taking the total issue size to Rs.600 crore at the higher end of the price band. On Monday, Angel managed to raise Rs.180 crore from 12 anchor investors hinting at institutional interest.

While Angel is among the major retail brokers in India, it is facing tough competition from the discount brokers like Zerodha, Upstox and 5-Paisa. However, in the last few months, Angel Broking has seen a surge in its trading and demat account openings.