Anand Rathi Wealth IPO - Subscription Day 3
5paisa Research Team
Last Updated: 13th December 2022 - 04:06 pm
The Rs.660 crore IPO of Anand Rathi Wealth, consisting entirely of an offer for sale (OFS) of Rs.660 crore, saw decent response on Day-1 and Day-2 of the IPO. As per the combined bid details put out by the BSE at the close of Day-3, Anand Rathi Wealth IPO was subscribed 9.78X overall, with strong demand coming from the HNI segment and the retail segment but rather limited interest seen in the QIB counters. The issue has closed for subscription on Monday, 06th December.
As of close of 06th December, out of the 84.75 lakh shares on offer in the IPO, Anand Rathi Wealth saw bids for 829.22 lakh shares. This implies an overall subscription of 9.78X. The granular break-up of subscriptions was dominated by the HNI investors followed by the retail investors.
The QIB response was fairly limited. On the last day of bidding, the NII bids built up substantial momentum, but the QIB portion response was relatively muted.
Anand Rathi Wealth IPO Subscription Day 3
|
Category |
Subscription Status |
|
Qualified Institutional Buyers (QIB) |
2.50 Times |
|
Non Institutional Investors (NII) |
25.42 Times |
|
Retail Individuals |
7.76 Times |
|
Employees |
1.32 Times |
|
Overall |
9.78 times |
QIB Portion
Let us first talk about the pre-IPO anchor placement. On 01st December, Anand Rathi Wealth did an anchor placement of 35,25,000 shares at the upper end of the price band of Rs.550 to 25 anchor investors raising Rs.193.88 crore, representing 29.38% of the total issue size.
Check - Anand Rathi Wealth IPO - Subscription Day 2
The list of QIB investors included a number of marquee domestic anchor investors like SBI Mutual Fund, ICICI Pru MF, DSP Mutual Fund, Kotak Mutual Fund, Nippon India MF, Quant Fund, Canara Robeco Mutual Fund, Invesco India Fund, Abakkus Growth Fund, Cohesion India, Rajasthan Global Securities etc.
The QIB portion (net of anchor allocation as explained above) has a quota of 23.50 lakh shares of which it has got bids for 58.83 lakh shares at the close of Day-3, implying 2.50X subscription for QIBs at the close of Day-3. QIB bids typically get bunched on the last day but the demand was just about enough to see the portion get subscribed and did not see any heavy oversubscription.
HNI / NII Portion
The HNI portion got subscribed 25.42X (getting applications for 448.08 lakh shares against the quota of 17.63 lakh shares). This is a relatively good response at the close of Day-3 and this segment saw the maximum response bunched on the last day. Bulk of the funded applications and corporate applications, came in on the last day of the Anand Rathi Wealth IPO.
Retail Individuals
The retail portion was subscribed a healthy 7.76X at the close of Day-3, showing strong retail appetite; as has been the general trend with smaller sized IPOs. It must be noted that retail allocation is 35% in this IPO.
For retail investors; out of the 41.13 lakh shares on offer, valid bids were received for 319.01 lakh shares, which included bids for 240.23 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.530-Rs.550) and has closed for subscription on 06th December 2021.
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Sachin Gupta
5paisa Research Team
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