The Initial Public Offering of Anand Rathi Share and Stock Brokers Limited was subscribed 41% on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 54,12,240against the offered 1,33,63,342 equity shares, according to data available on the stock exchanges. Overall, the issue was subscribed 0.41 times.

Retail Portion and Non-institutional portion were subscribed 0.53 times and 0.53 timesrespectively. Qualified Institutional Investors was subscribed 0.01 times and Employee Portion was subscribed 1.42times.

The issue kicked off for subscription on Tuesday, September 23, 2025 and will close for subscription on Thursday, September 25, 2025.

A day before the opening of the issue, Anand Rathi Share and Stock Brokers had raised Rs 220.49 crore from anchor investors. Some of the marquee institutions that participated in the anchor include Kotak Small Cap Fund, HDFC Mutual Fund – HDFC Banking and Financial Services Fund and Quant Mutual Fund – Quant Multi Asset Allocation Fund.

Leading brokerage firms like Adroit, BP Wealth, Lakshmishree, Marwadi Financial Services and SBI Securities have given a “Subscribe” rating to the issue highlighting the company has a wide range of revenue streams with broking contributing 60% of revenue, non-broking services contributing 23% of revenue and other income from operations contributing 17% of revenue. The contribution from non-broking revenues helps reduce dependence on market volatility and provides revenue diversification. On the valuation front, at the lower and upper price bands, Anand Rathi Share & Stock Brokers Ltd. is valued at an FY25 P/E of 23.8 times and 25.1 times on a post-issue capital basis. And supported by rising retail investor participation, its diversified business model, and robust client franchise, the company is well-positioned for sustained growth.

Nuvama Wealth Management, DAM Capital Advisors and Anand Rathi Advisors   are the book-running lead managers, and MUFG Intime India Private Limited is the registrar of the issue.