InvestorQ : What is the size of Angel Broking’s subscription issue & give a brief background of Angel Broking?
Ishita Jain made post

What is the size of Angel Broking’s subscription issue & give a brief background of Angel Broking?

Answer
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IIFL Expert answered.
1 month ago


The issue comprises fresh issuance of shares worth Rs300cr and offers for sale of Rs 300cr by promoters and other shareholders, which amounts to a total size of Rs600cr.

The proceeds of the offer would be utilized for meeting working capital requirements and for general corporate purposes.

Earlier this week, the firm raised Rs 180cr by allotting 58.82 lakh shares to 12 anchor investors ahead of its initial public offer.

Anchor investors include Goldman Sachs, IIFL, Bajaj Allianz, Max Life Insurance, and domestic mutual funds such as ICICI Prudential, HDFC, Sundaram, Nippon, Invesco, and Birla at the higher end of the price band of Rs 305-306 per share.

The issue is already opened on 22nd Sept & will close on 24th Sept. The IPO lot size is 49 and has a face value of Rs.10. The stock will be listed on both NSE/BSE.

Angel Broking Ltd. is the 4th largest broking house in India in terms of active clients on NSE. It caters to clients via online platforms as well as via authorized persons. Apart from broking & advisory services, it provides/undertakes margin funding, financial product distribution, and loans against shares. It managed Rs13,254 Cr in client assets and has ~21.5 lakh operational broking accounts as on Q1FY21. Its broking and allied services are offered through online & digital platforms and through a network of over 11,000 Authorised Persons, which is the largest in terms of Authorised Persons registered with NSE.