Here are the full, up-to-date details of the Anand Rathi Share & Stock Brokers Limited IPO from the public sources. If you like, I can also pull up valuation multiples or compare with peers.
The Anand Rathi Share & Stock Brokers Limited IPO is a ₹745 crore book-built issue, consisting entirely of a fresh issue of 1.80 crore equity shares.
This upcoming IPO opens for subscription on 23 September 2025 and closes on 25 September 2025, with the allotment expected on 26 September 2025. The shares are proposed to be listed on both the BSE and NSE, with the tentative listing date set for 30 September 2025.
The price band for the Anand Rathi Share IPO is fixed at ₹393 to ₹414 per share, making it an attractive opportunity for investors looking for strong brokerage and financial services exposure.
The lot size is 36 shares per application, which means the minimum investment for retail investors is ₹14,904 at the upper price band.
For sNII (small non-institutional investors), the minimum application size is 14 lots (504 shares) amounting to ₹2,08,656, while for bNII (big non-institutional investors), the minimum lot size is 68 lots (2,448 shares) requiring an investment of ₹10,13,472.
IPO Dates
- Opening Date: 23 September 2025
- Closing Date: 25 September 2025
- Allotment Date: 26 September 2025
- Refunds Initiation / Credit to Demat: 29 September 2025
- Listing Date: 30 September 2025
IPO Details
- Face Value: ₹ 5 each per Share
- Price Band: ₹ 393 to ₹ 414 per share
- Lot Size: 36 shares
- Issue Size: ₹ 745 crore (all fresh issue)
- Sale Type: Fresh Capital
- Employee Discount: ₹25.00
- Issue Type: Bookbuilt Fresh Issue
- Listing At: BSE, NSE
- Share Holding Pre Issue: 4,47,14,558 shares
- Share Holding Post Issue: 6,27,09,727 shares
GMP of Anand Rathi Share & Stock Brokers Limited IPO
I found one source mentioning the Grey Market Premium (GMP) for Anand Rathi Share & Stock Brokers Limited IPO:
Promoters of Anand Rathi Share & Stock Brokers Limited
Here are the promoters of Anand Rathi Share & Stock Brokers Limited, per its IPO / DRHP filings:
- Anand Nandkishore Rathi
- Pradeep Navratan Gupta
- Priti Pradeep Gupta
- Anand Rathi Financial Services Limited
Anand Nandkishore Rathi
- Position: Founder & Non-Executive Chairman, Anand Rathi Group.
- Education: Chartered Accountant, Gold Medallist, batch of 1966.
- Early Career: Worked with the Aditya Birla Group (Indian Rayon / Birla Nuvo etc.) before founding his own businesses.
- Other Affiliations: He is linked to many companies — as a director / subscriber in multiple group companies.
Roles / Achievements:
- President of Bombay Stock Exchange (BSE) around 1999-2001.
- Instrumental in setting up / expanding BOLT (BSE Online Trading System).
- Played a role in setting up the Trade Guarantee Fund and Central Depository Services (CDS).
Pradeep Navratan Gupta
- Position: Co-Founder & Vice Chairman of Anand Rathi Group.
- Early Background: Started in a family-owned textiles business; then entered the financial markets via Navratan Capital & Securities Pvt. Ltd. Later partner with Anand Rathi to build the Group.
- Experience: Over 2-3 decades in financial services, including institutional broking, investment services, building branch / franchise networks.
- Other Roles / Recognition: Active in industry forums, featured in media; involved in leadership of the group’s broking / wealth / advisory businesses.
Anand Rathi Share & Stock Brokers Limited IPO Lot Size
Here are the lot size details for Anand Rathi Share & Stock Brokers Limited IPO, in a table format:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,904 |
| Retail (Max) | 13 | 468 | ₹1,93,752 |
| S-HNI (Min) | 14 | 504 | ₹2,08,656 |
| S-HNI (Max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (Min) | 68 | 2,448 | ₹10,13,472 |
Anand Rathi Share & Stock Brokers Limited IPO Promoter Holding
Here’s a full SEO-friendly content on Promoter Holding for Anand Rathi Share & Stock Brokers Limited IPO:
| Promoter Holding Pre Issue | 98.06% |
| Promoter Holding Post Issue | 69.90% |
- Pre-IPO promoter holding is 98.06% of the total equity.
- Post-IPO promoter holding is expected to fall to 69.90% after the fresh issue.
About Anand Rathi Share & Stock Brokers Limited
- Anand Rathi Share & Stock Brokers Limited is the brokerage arm of the Anand Rathi Group, a well-established financial services group in India.
- The company was incorporated in 1991 (November 22) in Mumbai, Maharashtra.
- It offers a full suite of brokerage, margin trading facility, and distribution of financial products under the brand name “Anand Rathi.”
- Its clientele includes retail investors, high net worth individuals (HNIs), ultra-HNIs, and institutional clients.
Business Model & Operations
- It operates through branches and Authorised Persons (agents). As of September 30, 2024, it had 90 branches across 54 cities, supported by 1,123 Authorised Persons in 333 cities.
- The company allows clients to trade in multiple asset classes: equities (cash & intraday), derivatives (futures & options), commodities, and currency markets.
- Anand Rathi also invests in research, advisory, and uses both physical & digital channels to reach clients. Their research teams support multiple product offerings.
Positioning & Strengths
- As part of a larger group, it benefits from brand recognition, established infrastructure, experience in financial services, and diversified offerings beyond just broking.
- The combination of branches + widespread agent network + digital platforms gives it good reach into both metro and non-metro/tier-2/3 markets.
- High growth in revenue and profit in recent years points to good operational leverage & increasing scale.
Anand Rathi Share & Stock Brokers Limited Financial Information
Here are the key financials of Anand Rathi Share & Stock Brokers Limited (for 2023 and 2024) in table format, along with latest (2025) FY figures where available.
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹3,365.00 Crore | ₹2,585.10 Crore | ₹1,628.78 Crore |
| Total Income | ₹847.00 Crore | ₹683.26 Crore | ₹468.70 Crore |
| Profit After Tax | ₹103.61 Crore | ₹77.29 Crore | ₹37.75 Crore |
| EBITDA | ₹311.27 Crore | ₹230.58 Crore | ₹115.07 Crore |
| NET Worth | ₹503.76 Crore | ₹392.66 Crore | ₹265.23 Crore |
| Reserves and Surplus | ₹481.58 Crore | ₹370.48 Crore | ₹245.07Crore |
| Total Borrowing | ₹905.57 Crore | ₹879.24 Crore | ₹423.00 Crore |
Key Performance Indicator (KPI)
Here are some Key Performance Indicators (KPIs) for Anand Rathi Share & Stock Brokers Limited IPO, based on the latest public data:
| KPI | Values |
|---|---|
| ROE | 23.12% |
| ROCE | 21.32% |
| Debt/Equity | 1.80 |
| RoNW | 23.12% |
| PAT Margin | 12.23% |
| EBITDA Margin | 36.81% |
| Price to Book Value | 4.68 |
Objects of the Issue (Anand Rathi Share & Stock Brokers Limited IPO Objectives)
Here are the Objects of the Issue (i.e. how Anand Rathi Share & Stock Brokers Limited intends to use the proceeds from its IPO), based on its DRHP / IPO disclosures:
IPO Objectives / Use of Proceeds
- Long-term working capital requirements — The company plans to use approximately ₹ 550 crore of the IPO proceeds to fund its long-term working capital needs.
- General corporate purposes — The remainder of the IPO proceeds will be used for general corporate purposes.
Strengths of Anand Rathi Share & Stock Brokers Limited IPO
1) High Average Revenue Per Client (ARPC)
- Anand Rathi has reported the highest ARPC among its peer group in 2024. This is attributed to a mature client base (many clients over 30 years old), long-standing relationships, and personalized client management.
2) Diversified Revenue Streams
- The company earns income from both broking (equity, derivatives, commodities etc.) and non-broking segments like margin trading facility (MTF) and distribution of financial products. This helps reduce dependence on a single source of revenue.
3) Strong Branch / Agent Network + Digital / Multi-channel Presence
- It operates through ~ 90 branches across 54 cities, supported by 1,123 Authorized Persons in 333 cities, plus online/digital platforms. This gives good geographical reach and scale.
4) Good Growth in Financials
- From 2023 to 2024, revenue from operations grew by ~ 45.7%, and profit after tax more than doubled (~ 104.8% growth).
5) Experienced Brokerage Business with Long Track Record
- The company has been operating for over 30 years in brokerage and financial services through “Anand Rathi” brand, which adds credibility and trust.
Risks of Anand Rathi Share & Stock Brokers Limited IPO
1) Market Volatility
- Being a brokerage, revenue depends heavily on trading volumes, investor sentiment and market conditions. Downturns or low volatility can reduce broking activity, which may hurt revenue.
2) Regulatory and Compliance Risk
- Changes in laws/regulations (SEBI, exchanges), compliance costs, and regulatory scrutiny in financial services can affect business operations.
3) Competition Pressure
- Intense competition from other brokerage firms and fintech/disruptors (lower cost brokers, discount brokers, online platforms) could pressure margins and client acquisition/retention.
4) Reputation / Past Legal Issues
- Some past cases and exposures (e.g., involvement in the NSEL case etc.) are mentioned, which could affect investor confidence and reputation risk.
5) Working Capital Requirement & Execution Risk
- A major chunk of the IPO proceeds (~₹ 550 crore) is allocated for long-term working capital. If the company is not able to manage working capital efficiently, or if costs rise (interest, expenses), margins could be squeezed.
Anand Rathi Share & Stock Brokers Limited Contact Details
Here are the contact details for Anand Rathi Share & Stock Brokers Limited (registered office, phone, email etc.):
Company Contact Details
| Field | Details |
|---|---|
| Registered Office Address | Express Zone, A Wing, 10th Floor, Western Express Highway, Goregaon (East), Mumbai, Maharashtra – 400063 |
| Phone Number | +91-22-4918 6270 |
| secretarial@rathi.com | |
| Website | www.anandrathi.com |
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