Anand Rathi IPO Day 1: 20% Subscription, GMP Rises; Check Price Band, Financials

Anand Rathi Share IPO: Anand Rathi Share and Stock Brokers Limited (ARSSBL) has launched its Rs 745-crore initial public offering (IPO) on Tuesday, September 23, 2025. The issue will close on Thursday,

September 25. The company has set a price band of Rs 393–414 per equity share with a face value of Rs 5. Investors can bid for a minimum of 36 shares and in multiples thereafter.

Around 1:00 pm on Day 1, the issue was subscribed 20 per cent. Investors put bids for 26,90,568 equity shares against the equity shares of 1,33,63,342 on offer.

This is Anand Rathi Group’s second IPO after Anand Rathi Wealth Ltd, whose IPO came in 2021. Anand Rathi Wealth IPO has delivered a massive 800 per cent return in the past three years as per BSE analytics.

For employees, a reservation of Rs 10 crore has been announced, along with a discount of Rs 25 per share. Post issue, the company’s market capitalization is estimated to be between Rs 2,503 crore and Rs 2,597 crore. 

The allotment of unlisted shares will happen on Friday, September 26 and the listing of shares will be expected to conclude on Tuesday, September 30, 2025.

Anand Rathi Share IPO GMP

Unlisted shares of Anand Rathi Share and Stock Brokers are trading at Rs 446, over the cap price of Rs 414. The GMP currently stands at Rs 32, reflecting a premium of 7.73 per cent.

GMP shows the current investors’ mood and is subject to change.

Company Background

Originally incorporated as Navratan Capital and Securities in 1991, the firm was renamed Anand Rathi Share and Stock Brokers Limited in 2008. Today, it is one of India’s established brokerage houses, offering services across broking, margin trading, and distribution of investment products.

The company caters to a wide mix of clients including retail investors, high-net-worth individuals (HNIs), ultra-HNIs, and institutions. Its network includes 90 branches across 54 cities, 1,125 authorised persons in 290 cities, and multiple digital platforms for online investors.

Anand Rathi Share And Stock Brokerage Financials

ARSSBL has posted consistent growth over the past three years. Revenue from operations increased from Rs 467.83 crore in FY23 to Rs 845.70 crore in FY25, clocking a healthy CAGR of 34.45%. Profit after tax more than doubled to Rs 103.61 crore in the same period, with margins improving steadily.

The company’s assets under custody jumped from Rs 29,157 crore in FY23 to Rs 81,368 crore in FY25. Its margin trading book also grew strongly, touching Rs 685.51 crore. Analysts highlight that the firm recorded the highest average revenue per client (ARPC) among peers in FY25.

Objects of the Issue

The proceeds from the IPO will be primarily used to fund long-term working capital requirements amounting to Rs 550 crore. The rest will be deployed towards general corporate purposes, supporting the company’s expansion and technology initiatives.

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