Angel Broking to launch IPO on September 22, price band fixed at Rs 305-Rs 306 per share

Angel Broking will open its initial public offer (IPO ) of equity shares on September 22. Price band of the IPO has been fixed at Rs 305 to Rs 306 per equity share. The share sale will close on September 24. The shares have face value of Rs 10 each .

Angel Broking plans to raise Rs 600 crore through the share sale which consists of a fresh issue of Rs 300 crore and offer for sale of Rs 300 crore by promoters and investors.

The offer for sale comprises Rs 18.33 crore and Rs 4.5 crore worth of equity shares by promoters Ashok D Thakkar and Sunita A Magnani respectively, and Rs 120 crore and Rs 157.16 crore by investors IFC and individual selling shareholders, respectively.

Anchor investors can bid for the shares on September 21. Bids can be made for a minimum of 49 equity shares and in multiples of 49 shares thereafter.

The IPO of Angel Broking will be the eighth public issue in 2020 after SBI Cards, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds, Route Mobile, CAMS and Chemcon Speciality Chemicals.

ICICI Securities Limited, Edelweiss Financial Services Limited and SBI Capital Markets Limited are the book running lead managers to the offer.

The shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited.

Angel Broking is one of the largest retail broking houses in India in terms of active clients on NSE as of June 30, 2020 (Source: CRISIL Report).

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