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The brokerage firm has fixed price band of the share sale at Rs 305-Rs 306 per share.Angel Broking's Rs 600 crore initial public offer (IPO) will open for bidding on Tuesday i.e.
September 22 and will close on September 24.
The brokerage firm has fixed the price band of the share sale at Rs 305-Rs 306 per share.
The shares will be listed on both the benchmark indices, BSE and NSE, on October 5.The public offer will consist of fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by the promoters.
Investors are eligible to bid for a minimum one lot of 49 shares and in multiples thereof, extending up to 13 lots.Angel Broking will raise Rs 600 crore through the book-building issue (at the higher end of the price band).
The company will use the the fresh issue proceeds for its working capital requirements and general corporate purposes.Angel Broking was established in 1996.
It is one of the oldest stock broking houses in the country, providing broking, advisory and financial services.
Dinesh D.
Thakkar, Ashok D.
Thakkar and Sunita A.
Magnani are the promoters of the company.Should You Subscribe To Angel Broking IPO?HDFC Securities, in a client note, said, "In the three months period ending June 30, 2020, Angel Broking witnessed an average monthly client addition of approximately 115,565 clients, over a monthly average of 46,676 clients in FY20, representing a growth of 147.59 per cent.
Over the last one year, Angel Broking has more than doubled its overall turnover market share in the retail broking space in India.""Angel Broking has strong capabilities to acquire customers through various diversified digital platforms.
From Q2FY20 to Q1FY21, 79.76 per cent of its clients have been acquired digitally, of which, 50.76 per cent are acquired through performance marketing, either by way of organic or paid leads, 22.24 per cent through referrals from existing clients and 6.77 per cent through digital influencers," HDFC Securities added.
