Anand Rathi IPO 2025 : Company Profile Key Insights

Anand Rathi Share & Stock Brokers Ltd- Company Background

Anand Rathi Share & Stock Brokers Ltd is the stock broking arm of the Anand Rathi Group. The group is predominantly into wealth management and fund-based services too. Within the ambit of stock broking, the company offers basic brokerage services, research, margin trading facility (MTF), and the distribution of asset and liability products. It has been positioned as a full-service brokerage house with multiple revenue streams.

The IPO is entirely a fresh issue of shares and the funds will be used to finance long-term working capital. Anand Rathi Share & Stock Brokers Ltd was promoted by Anand Rathi, Pradeep Gupta, Priti Gupta, and Anand Rathi Financial Services Ltd. The IPO will be lead-managed by Nuvama Wealth, DAM Capital, and Anand Rathi Adivosry; while MUFG Intime India Private Ltd will be the IPO registrar. The company is headquartered at Mumbai.

Highlights of the IPO Issue

Here are the key highlights of the public issue of Anand Rathi Share & Stock Brokers Ltd.

• The IPO of will be open from September 23rd, 2025 to September 25th, 2025. It has a face value of ₹5 per share and IPO price band is set in range of ₹393 to ₹414 per share.

• The IPO of Anand Rathi Share & Stock Brokers Ltd will be entirely a fresh issue of shares with no offer for sale (OFS) component in the IPO.

• The fresh issue portion comprises the issue of 1,79,95,169 shares (179.95 lakh shares), which at the upper price band of ₹414 per share translates into ₹745 crore.

• Since there is no OFS component, the fresh issue will also be the total size of the issue. Therefore, the overall IPO will comprise of a fresh issue of 1,79,95,169 shares (179.95 lakh shares) worth ₹745 crore at the upper band price of ₹414 per share.

The IPO of Anand Rathi Share & Stock Brokers Ltd will be listed on the NSE and the BSE on the IPO mainboard.

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Anand Rathi Share & Stock Brokers Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Anand Rathi Share & Stock Brokers Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 36 shares)

Financial Highlights

The table captures the key financials of Anand Rathi Share & Stock Brokers Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The company has shown steady sales growth as also in PAT margins, which is at double-digits now. The ROE is at above 20%, but the ROA is low due to a rather bloated asset base of the company. That may limit upside for the stock.

Valuation Metrics

At the current upper band price of ₹414 per share, the valuation of the company is at a P/E ratio of 17.6X in terms of latest year EPS of ₹23.46. That looks fairly reasonable when compared to the peer group. However, the business of stock broking has been cyclical and the competition from low-cost broking has also been intense.

The company does bring some advantages to the table. The company enjoys one of the best average revenues per customer among the brokerage houses, and that has been largely led by the MTF business. Its full-service brokerage model and that makes it less prone to the vagaries of derivatives volumes. Investors can look at the IPO as an indirect play on the capital markets, although price volatility could be par for the course.

A Brief on the Anchor Allocation

The anchor issue of Anand Rathi Share & Stock Brokers Ltd saw a relatively strong response on 22nd September 2025 with 28.50% of the IPO size absorbed by anchors. Out of 1,86,89,428 shares (186.89 lakh shares) on offer, anchors picked up 53,26,086 shares (53.26 lakh shares) accounting for 28.50% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹414 per share. This includes the face value of ₹5 per share plus a share premium of ₹409 per share. The anchor bidding opened and closed on 22nd September 2025.

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Anand Rathi Share & Stock Brokers Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

Anchor Allocation Investors

On 22nd September 2025, Anand Rathi Share & Stock Brokers Ltd allotted 53,26,086 shares to 15 anchor investors. The allocation was done at the upper IPO price band of ₹414 per share which resulted in overall anchor allocation of ₹220.50 crore. The anchors have already absorbed 28.50% of the total issue size of ₹773.74 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹180.50 crores, or, 81.86% of overall anchor allocation.

Data Source: BSE Filings (Value Allocated in ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250922-54&attachedId=0910fe8c-a398-4d98-952e-3ec33311186b

Out of the 53,26,086 shares allocated to the anchors in the IPO, there were 23,02,596 shares allocated to mutual funds registered with SEBI. This allocation was done across 6 domestic mutual fund schemes across 6 AMCs. Mutual funds accounted for 43.23% of the overall anchor allocation. Most of the other anchor shares were allocated to alternative investment funds (AIFs), FPIs and ODIs.

Next Step in the IPO

Post the closure of the IPO subscription on 25th September 2025, the basis of allotment will be finalized on 26th September 2025 and the refunds will be initiated on 29th September 2025. In addition, the demat credits are expected to also happen on 29th September 2025 and the stock will list on 30th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2025 under ISIN (INE549H01021).

IPO Subscription Status On Day-1

As of 5.10 pm on 23rd September 2025, out of the 133.63 lakh shares on offer in the IPO (excluding anchor portion), Anand Rathi Share & Stock Brokers Ltd saw bids for 54.12 lakh shares. This implies an overall subscription of 0.41X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Anand Rathi Share & Stock Brokers Ltd was as under:

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-1 of the IPO)

The IPO is open up to September 25, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-2

As of 5.25 pm on 24th September 2025, out of the 133.63 lakh shares on offer in the IPO (excluding anchor portion), Anand Rathi Share & Stock Brokers Ltd saw bids for 148.37 lakh shares. This implies an overall subscription of 1.11X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Anand Rathi Share & Stock Brokers Ltd was as under:

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-2 of the IPO)

The IPO is open up to September 25, 2025, at which point we will know the final subscription status of the IPO.

IPO Subscription Status On Day-3

As of 7.15 pm on 25th September 2025, out of the 133.63 lakh shares on offer in the IPO (excluding anchor portion), Anand Rathi Share & Stock Brokers Ltd saw bids for 2,760.82 lakh shares. This implies an overall subscription of 20.66X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Anand Rathi Share & Stock Brokers Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO was open up to September 25, 2025, and the subscriptions have closed as of the close of trading on September 25, 2025. The above subscription table represents the updated status of the IPO as of the close as published by exchanges at 7.00 PM. These are the final subscription numbers for this IPO.

About the Anand Rathi Share & Stock Brokers Ltd IPO

The IPO of Anand Rathi Share & Stock Brokers Ltd opened on September 23rd, 2025 and closed on September 25th, 2025. The overall IPO comprised of a fresh issue of 1,86,89,428 shares (186.89 lakh shares) worth ₹773.74 crore at the upper price band of ₹414 per share. The allotment status will be finalized by end of day (EOD) of September 26, 2025. Here is how to check your allotment status for the IPO of Anand Rathi Share & Stock Brokers Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity Option

• Under Issue Name – Select Anand Rathi Share & Stock Brokers Ltd from the drop-down box

• Enter the Application Number / CAF exactly as in the acknowledgement slip .OR.

• Enter your PAN (10-digit alphanumeric) number

• Once this is done, you need to click on the Captcha to verify you are not a robot

• Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Anand Rathi Share & Stock Brokers Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

• Under Issue Type – Select Equity & SME IPO Details Option

• Under SELECT SYMBOL – Select ARSSBL from the dropdown box

• Enter the Application Number / CAF exactly as in the acknowledgement slip .AND.

• Enter your PAN (10-digit alphanumeric) number

• Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Anand Rathi Share & Stock Brokers Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

There are 4 options available to you to access the allotment status, and you can use any of these options to query.

• You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.

• The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.

• You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.

• You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.

Finally, click on the SUBMIT button.

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.