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₹414 - 414
Anand Rathi Share & Stock Brokers Ltd
Stock/ Commodity BrokersIPO
₹414 - 414
We are an established full-service brokerage house in India with over 30 years of experience. We provide broking services, margin trading facility and distribution of financial products under the brand `Anand Rathi' to a diverse set of clients across retail, high net worth individuals, ultra-high net worth individuals and institutions. Our 3 decades of track record, comprehensive product offerings, and focus on serving this key demographic, positions us for continued growth. We categorise our offerings and services as (i) broking services; (ii) margin trading facility; and (iii) distribution of investment products.
Lot36Min Invest₹14,904Face Value₹5Issue Size₹745 CrFresh Issue₹745 CrListing Price₹432CMP₹445
Timeline
23 Sept
Bidding opens
25 Sept
Bidding closes
26 Sept
Allotment
29 Sept
Refund & demat credit
30 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹745 Cr1.80 Cr shares
Fresh Issue₹745 Cr
Face Value₹5
Lot Size36 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9041-13 lots
sNII₹2,08,656from 14 lots
bNII₹10,13,472from 68 lots
Managers & Registrar
Lead ManagerNuvama Wealth Management Ltd
Co-ManagerDAM Capital Advisors Ltd, Anand Rathi Advisors Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group98.06%69.92%Public1.94%30.08%
Objects of the Issue
- Funding long-term working capital requirements of the company
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 468 | 682 | 846 | 932 | 1,023 |
| Operating ProfitCr | 115 | 231 | 311 | 380 | 409 |
| OPM% | 24.6 | 33.8 | 36.8 | 40.7 | 39.9 |
| PBTCr | 51 | 115 | 140 | 172 | 191 |
| PATCr | 38 | 77 | 104 | 129 | 144 |
| EPS | 9 | 19 | 23 | 24 | 26 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 20 | 22 | 22 | 31 | 32 |
| ReservesCr | 245 | 370 | 482 | 1,317 | 1,352 |
| BorrowingsCr | 432 | 888 | 914 | 840 | 1,412 |
| Fixed AssetsCr | - | - | 84 | 78 | 85 |
| Total AssetsCr | 1,629 | 2,585 | 3,365 | 7,099 | 4,491 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 15 | 187 | 692 | 725 | - |
| Investing Cash FlowCr | -137 | -599 | -577 | -1,146 | - |
| Financing Cash FlowCr | 108 | 419 | -112 | 462 | - |
| Net Cash FlowCr | -13 | 6 | 2 | 41 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- The highest ARPC amongst peer set.
- Strategic use of MTF Business to drive higher ARPC.
- Full service brokerage house with diversified revenue streams.
- Pan India presence combined with robust digital capabilities for client acquisition and servicing.
- Established brand with more than a 3 decade legacy backed by experienced Promoters and a strong management team.
- Strong track record of financial performance and consistent growth.
Strategies · as stated in the DRHP
- Focus on improving average revenue per client by increasing client wallet share through cross selling varied investment solutions.
- Increasing our geographical footprint as well as augmenting our client base.
- Investing in Technology to Drive Business Excellence.
- Attracting and retaining relationship managers to ensure continued growth.
Risks · as stated in the DRHP
- Our Company has made various private placement offers of secured redeemable unlisted nonconvertible debentures (NCDs) to a select group of persons including a qualified institutional buyer (QIB) during Fiscal 2023, Fiscal 2024, and Fiscal 2025, with each private placement offer having a distinctive international securities identification number (ISIN). Some of the initial subscribers further transferred the NCDs allotted to them within 6 months from the date of allotment of the NCDs. While the total number of the initial subscribers and / or the total number of unique NCD holders after the down-sale in respect of a private placement offer under a distinct private placement offer/ISIN did not exceed 200 unique NCD holders in any financial year, if the private placement offer/s under a distinct ISIN are clubbed together, then the aggregate number of unique NCD holders exceeded 200, which could be considered as non-compliance of the provisions of Sections 25 and section 42 of the Companies Act and applicable provisions of the Companies Act and securities laws. Our Company has filed an application u/s 454 of the Companies Act 2013 for adjudication with the RoC. Our Company has redeemed a significant amount and number of NCDs and the total number of unique NCD holders during each of the financial years across all offers / ISIN are now less than 200, and we cannot assure you about the outcome of this adjudication and/or that there will be no penalty levied on or action taken against our Company in this regard.
- Our Company has received a notice from SEBI seeking a compliance report in respect of the `fit and proper' person criteria in terms of the SEBI (Intermediaries) Regulations, 2008. Any adverse order in these proceedings could have a material adverse impact on business, results of operations and financial condition.
- Our Company has received a show cause notice from SEBI dated September 15, 2025 in relation to an inspection pertaining to `Cyber Security & Cyber Resilience and Framework of Technical Glitches'. Any adverse order in these proceedings could have a material adverse impact on our reputation and brand, and our financial condition.
- ARCL's application for registration as commodity derivatives broker has been rejected by SEBI and it has been barred from making a fresh application seeking registration for a period of 6 months from November 29, 2022 or till acquittal of ARCL by the courts pursuant to the chargesheet filed by the EOW, whichever is earlier. Any adverse outcome in the aforesaid proceedings would have a material adverse effect on the brand and reputation of the Anand Rathi group.
- We are subject to extensive statutory and regulatory requirements and supervision. Any failure to comply with applicable law or changes in the regulatory framework could result in action being initiated against us by relevant authorities which may have a material adverse impact on our business, results of operations and financial condition.
- Anand Rathi Commodities Limited (ARCL), one of our Group Companies and few of its director(s) have been charge sheeted under various provisions of law. Any adverse outcome in the aforesaid proceedings would have a material adverse effect on the reputation of the Anand Rathi group and which could in turn have a material adverse impact on our business.