Sebi Halts Anand Rathi IPO Amid Raising Rs 745 Crore Plans

The Securities and Exchange Board of India (Sebi) has returned the draft IPO documents of Anand Rathi Share and Stock Brokers. The IPO aimed to raise Rs 745 crore, but the documents were returned without explanation. The funds were intended for working capital and corporate purposes.

The Securities and Exchange Board of India (Sebi) has returned the draft initial public offering (IPO) documents filed by Anand Rathi Share and Stock Brokers for raising Rs 745 crore, the regulator's update on Monday revealed.

The IPO documents, submitted to Sebi in mid-December, were sent back just a month later on January 17, with no specific reasons disclosed. The company had aimed to use Rs 550 crore from the proposed IPO to bolster its long-term working capital requirements and for general corporate purposes.

Anand Rathi Share and Stock Brokers, a prominent financial services provider operating in 54 cities, saw its revenue jump 46% in FY24. Despite this, its IPO faced a setback due to the regulator's decision, impacting its market expansion plans.

(With inputs from agencies.)