The initial public offering (IPO) subscription for Anand Rathi will begin on December 2, 2021, and will remain open for budding till December 4 2021.
The firm is aiming to bring up about Rs 660 crore from its public issue and has fixed the issue price range at Rs 530 to Rs 550 per equity share.
Anand Rathi is India's fastest-growing non-banking wealth solutions organisation that provides a wide range of financial services to institutions, corporates, wealthy families and also individuals.
The grey market past the subscription opening date has given a positive response to the Anand Rathi IPO.
Anand Rathi Wealth shares are available at a premium of Rs 125 in the grey market on Wednesday, said the market observers. This GMP is Rs 25 bigger than its Tuesday's evening GMP.
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Market observers believe that Anand Rathi Wealth shares are made available at the grey market from Tuesday evening at ₹85.
The firm's GMP rose to hit Rs 100 yesterday evening though there was a negative indication at Dalal Street. Its shares went on to get more hike in the GMP despite a weak start at the Indian stock market.
According to market experts, Anand Rathi's shares may have a favourable impact on the public issue when it opens on Wednesday.
Grey Market Price (GMP) is an estimated gain from the public issue of an expected listing. Today’s GMP for Anand Rathi Wealth IPO is Rs 125, this translates to an expected listing at Rs 675 (Rs 550 + Rs 126), which is more than 20 percent of the original price band of Rs 530 to Rs 550 per equity share. If there is a reversal in trend in the primary market, observers are expecting this premium to increase further.
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Ravi Singh, Head of Research & Vice President at ShareIndia said, "India’s Banking and Financial Service (BFSI) sector is offering tremendous growth opportunities due to the increasing retail participation in the capital market-linked businesses. However, the current market sentiments are not favourable and the BFSI sector is the worst hit. Anand Rathi Wealth is showing a high valuation and the listing band is at the upper band."
The IPO allotment of Anand Rathi is expected on 9th December 2021 the probable listing date at NSE and BSE is 14th December 2021.