Anand Rathi Wealth IPO subscribed 9.78 times

The initial public offer of Anand Rathi Wealth Limited, part of Mumbai-based financial services group Anand Rathi, received 9.78 times subscription by the closing day on Monday.

The Rs 660-crore IPO received bids for 8,29,21,509 shares against 84,75,000 shares on offer, according to data available with the NSE.

The category for non-institutional investors was subscribed 25.42 times, Retail Individual Investors (RIIs) 7.76 times and Qualified Institutional Buyers (QIBs) 2.50 times.

The initial public offer of up to 12,000,000 equity shares had a price range of Rs 530-550 per share.

The company had on Wednesday raised Rs 194 crore from anchor investors.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

Equirus Capital, BNP Paribas, IIFL Securities and Anand Rathi Advisors were the book running lead managers to the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)