Angel Broking IPO - Initial Public Offer Details

 

The IPO of one of the largest retail broking houses in the country Angel Broking will open on September 22, 2020. The company is expected to raise Rs 600 crore through an IPO. The price band of this IPO has been fixed from 305 to 306 rupees per share. The IPO will close on September 26, 2020. The company is aiming to raise Rs 600 crore through the issue. In this, new shares of Rs 300 crore will be issued, while the promoters and other shareholders of the company will offer the sale of shares worth Rs 300 crore. Anchor investors will be able to bid only on September 21, 2020. The lot size for the IPO is 49 shares, ie, a lot size will be Rs 14945. A portion of the funds raised from the IPO will be spent on the company's capital needs. The remaining amount will be spent for other corporate purposes.

Angel Broking IPO details

IPO Date	September 22, 2020 - September 24, 2020
Issue Type	Book Built Issue IPO
Issue Size	Equity Shares of 10 rupee (aggregating up to 600.00 Cr rupee)
Fresh Issue	Equity Shares of 10 rupee (aggregating up to 300.00 Cr rupee)
Offer for Sale	Equity Shares of 10 rupee (aggregating up to 300.00 Cr rupee)
Face Value	10 rupee per equity share
IPO Price	305 to 306 rupee per equity share
Market Lot size	49 Shares
Minimum Order Quantity	49 Shares
Listing on	BSE, NSE

What does Angel Broking do? Angel Broking is a financial service provider company. Angel Broking was formed in 1996. It provides customers with broking and advisory services, margin funding, loans against shares and financial products through its subsidiary AFPL. Angel Broking is the fourth largest broker on the NSE in terms of active clients. Its market share was 6.3 per cent by June 2020. As of July this year, Angel Broking is the largest firm in the country to provide full retail broking services independently in terms of active clients on NSE. This company has a presence all over the country. By June it was present in 1800 cities and towns in India. It had 11.1 lakh, active clients, as of June. By this time, she was managing an amount of 11,302.31 crores in client assets.

 

26 anchor investors have invested Rs 179.99 crore in Angel Broking as of yesterday itself. Allocated 58,82,352 equity shares to these investors at Rs 306 per share. Through this IPO, promoters of Angel Broking Ashok D Thakkar will sell equity shares worth Rs 18.33 crore and Sunita A Magnani for Rs 4.5 crore. Apart from this, investors IFC will sell a stake of Rs 120 crore and individual shareholders worth Rs 157.16 crore.

 

Bids can be bid for a minimum of 49 equity shares and thereafter in multiples of 49-49 equity shares. ICICI Securities Limited, Edelweiss Financial Services Limited and SBI Capital Markets Limited are the book running lead managers for the offer. The Registrar of the IPO is Link Intime India Private Ltd.

Angel Broking IPO timetable

Bid/Offer Opens On	September 22, 2020
Bid/Offer Closes On	September 24, 2020
Finalization of Basis of Allotment	September 29, 2020
Initiation of Refunds	September 30, 2020
A Credit of Shares to Demat Account	October 1, 2020
IPO Shares Listing Date	Oct 5, 2020