Angel Broking’s IPO or initial public offer worth Rs 600 crore will open for subscription today. The Mumbai-based brokerage, Angel Broking, has set a price band of Rs 305-306 per share for its IPO. The public offer, to be open for subscription between 10 am and 5 pm till rom September 22 to 24, comprises fresh shares worth Rs 300 crore and sale of shares (offer for sale) worth an equal amount by promoters. International Finance Corporation will sell shares to the tune of Rs 120 crore in the offer for sale.
The company plans to utilize the funds raised through the IPO towards general corporate purposes.
The shares will be listed on stock exchanges BSE and NSE on October 5.
Investors can purchase between one to 13 lots of shares under the Angel Broking IPO, which means 49-637 shares.
“On FY20 and Q1 FY21 annualized EPS, the stock at upper price band will trade at P/E of 27x and 12x respectively. Multiples are similar to ICICI Securities, which is a much larger player but has a much higher dependence on the branch model. Profitability measured in terms of RoE was at 48% for ICICI Securities, whereas Angel was at 13.9 per cent,” Yes Securities said in a note.
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