Angel Broking’s Rs 600 crore initial public offer (IPO) opens for bidding on Tuesday i.e. September 22 for three days up to September 24. The brokerage firm has fixed the price band of the share offering at Rs 305-Rs 306 per share. The shares will be listed on BSE and NSE, on October 5.
The public offer involves fresh issue of Rs 300 crore and an offer for sale amounting to Rs 300 crore. Applicants can bid for a minimum one lot of 49 shares and in multiples thereafter, up to 13 lots.
Angel Broking plans to raise Rs 600 crore through the public issue (at the higher end of the price band). It will use the proceeds from the fresh issue to meet its working capital requirements and for general corporate purposes.
Incorporated in 1996, Angel Broking is one of the oldest stock broking houses in the country. It provides broking, advisory and financial services to the investing community. The promoters of Angel Broking are Dinesh D. Thakkar, Ashok D. Thakkar and Sunita A. Magnani.
The lead managers for the public offer are ICICI Securities, Edelweiss Capital and SBI Capital Markets, while the registrar is Link Intime India.
The last big broking firm to list on the Indian bourses was ICICI Securities, way back in March 2018. Some other prominent broking firms to tap the primary markets were Motilal Oswal Financial Services in 2007 and Emkay Global in 2006.
The Angel Broking public offer will be the eighth IPO in this calendar year after the likes of SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds, Route Mobile, Chemcon Speciality Chemicals and Computer Age Management Services.
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