Angel Broking to launch IPO today, plans to raise Rs 600 crore

Angel Broking will launch its initial public offer (IPO ) of equity shares today.  Bids for the issue can be made in a price band of Rs 305 to Rs 306 per equity share. The IPO will close on September 24. The shares have face value of Rs 10 each.

The brokerage plans to raise Rs 600 crore through the share sale. The IPO consists of a fresh issue of Rs 300 crore and offer for sale of Rs 300 crore by promoters and investors.

Angel Broking raised nearly Rs 180 crore from anchor investors ahead of its initial public offer. It allocated more than 58.8 lakh shares to the anchor investors at a price of Rs 306 apiece, according to a regulatory filing.

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.

Bids can be made for a minimum of 49 equity shares and in multiples of 49 shares thereafter.

CAMS raises Rs 667 crore from anchor investors ahead of IPO

The IPO of Angel Broking is 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 and NSE.

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