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Anand Rathi Share & Stock Brokers Ltd IPO

We are an established full-service brokerage house in India with over 30 years of experience. We provide broking services, margin trading facility and distribution of financial products under the brand `Anand Rathi' to a diverse set of clients across retail, high net worth individuals, ultra-high net worth individuals and institutions. Our 3 decades of track record, comprehensive product offerings, and focus on serving this key demographic, positions us for continued growth. We categorise our offerings and services as (i) broking services; (ii) margin trading facility; and (iii) distribution of investment products.

Anand Rathi Share & Stock Brokers Ltd IPO Details

Total Shares Offered

₹ 1,79,95,169

Offer to Public

TBA

Retail Max (Shares)

₹ 62,13,768

Pre Issue Promoters Holding

₹ 4,38,45,408

Exchange

BSE

Issue size

₹ 745 Cr

IPO Open Date

Sep 23, 2025

Close Date

Sep 25, 2025

Lot Size

Min Investment

₹ 14,148

Issue Type

Book Building

Listing Date

Sep 30, 2025

Anand Rathi Share & Stock Brokers Ltd IPO Dates

Sep 23, 2025

Opening date

Sep 25, 2025

Closing date

Sep 26, 2025

Basis of Allotment

Sep 29, 2025

Initiation of Refunds

Sep 29, 2025

Credit of Shares

Sep 30, 2025

Listing date

Details

Sector	Type
Sector	Finance & Investments
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*	Shares Bid*
QIB	18.46x	8876812	163848024
NII	30.13x	2663043	80242380
Retail	5.04x	6213768	31297104
Employee	2.88x	241546	694620
Total	15.34x	17995169	276082128

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

18.46x

30.13x

5.04x

2.88x

15.34x

8876812

2663043

6213768

241546

17995169

163848024

80242380

31297104

694620

276082128

Anand Rathi Share & Stock Brokers Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	845.70	681.79	467.83
EBITDA	191.29	156.67	83.04
PAT	103.82	78.58	38.95
Total Assets	2,568.16	1,883.07	1,180.00
Share Capital	22.18	22.18	20.16
Total Borrowings	963.27	579.18	485.91
Operating Activities (Net Cash)	129.17	98.57	54.37
Investing Activities (Net Cash)	15.93	11.97	18.52
Financing Activities (Net Cash)	963.27	579.18	485.91
Net Cashflow	2,210.89	1,564.75	917.54

About Anand Rathi Share & Stock Brokers Ltd

Our Company was originally incorporated as `Navratan Capital and Securities Private Limited', at Mumbai as a private limited company under the provisions of Companies Act, 1956 and received a certificate of incorporation issued by the RoC on November 22, 1991. Our Company got converted into a public limited company pursuant to a Board resolution dated January 10, 2007 and a special resolution passed by the Shareholders on February 05, 2007, and the name of our Company was changed to, `Navratan Capital and Securities Limited'. A fresh certificate of incorporation was issued by the RoC on March 21, 2007. Subsequently, the name of our Company was changed from `Navratan Capital and Securities Limited' to `Anand Rathi Share and Stock Brokers Limited', pursuant to a Board resolution dated August 26, 2007 and a special resolution passed by our Shareholders on October 26, 2007. A fresh certificate of incorporation dated January 29, 2008, was issued by the RoC to our Company.

As per CARE Report, broking industry in India is estimated to be valued at ~ Rs. 520 billion as of FY25 and expected to grow at a CAGR of 16-18% over the next 2-3 years. In Q1FY26, NSE active clients witnessed rise in active clients supported by influx of retail investors with active clients reaching 47.9 million. The number of NSE registered active clients increased at a CAGR of 32.8% between FY20-Q1FY26. In June 2025, the MTF market grew significantly, reaching Rs. 879 billion, a 23.7% increase over March 2025, with a CAGR of 87% from trading day of March 2020 to last trading day of June 2025. This growth is driven by rising investor awareness of MTF's benefits in boosting buying power and potential returns, along with a bullish stock market.

Anand Rathi Share & Stock Brokers Ltd Key Points

Strengths

The highest ARPC amongst peer set.

Strategic use of MTF Business to drive higher ARPC.

Full service brokerage house with diversified revenue streams.

Pan India presence combined with robust digital capabilities for client acquisition and servicing.

Established brand with more than a 3 decade legacy backed by experienced Promoters and a strong management team.

Risk

Our Company has made various private placement offers of secured redeemable unlisted nonconvertible debentures (NCDs) to a select group of persons including a qualified institutional buyer (QIB) during Fiscal 2023, Fiscal 2024, and Fiscal 2025, with each private placement offer having a distinctive international securities identification number (ISIN). Some of the initial subscribers further transferred the NCDs allotted to them within 6 months from the date of allotment of the NCDs. While the total number of the initial subscribers and / or the total number of unique NCD holders after the down-sale in respect of a private placement offer under a distinct private placement offer/ISIN did not exceed 200 unique NCD holders in any financial year, if the private placement offer/s under a distinct ISIN are clubbed together, then the aggregate number of unique NCD holders exceeded 200, which could be considered as non-compliance of the provisions of Sections 25 and section 42 of the Companies Act and applicable provisions of the Companies Act and securities laws. Our Company has filed an application u/s 454 of the Companies Act 2013 for adjudication with the RoC. Our Company has redeemed a significant amount and number of NCDs and the total number of unique NCD holders during each of the financial years across all offers / ISIN are now less than 200, and we cannot assure you about the outcome of this adjudication and/or that there will be no penalty levied on or action taken against our Company in this regard.

Our Company has received a notice from SEBI seeking a compliance report in respect of the `fit and proper' person criteria in terms of the SEBI (Intermediaries) Regulations, 2008. Any adverse order in these proceedings could have a material adverse impact on business, results of operations and financial condition.

Our Company has received a show cause notice from SEBI dated September 15, 2025 in relation to an inspection pertaining to `Cyber Security & Cyber Resilience and Framework of Technical Glitches'. Any adverse order in these proceedings could have a material adverse impact on our reputation and brand, and our financial condition.

Strategy

Focus on improving average revenue per client by increasing client wallet share through cross selling varied investment solutions.

Increasing our geographical footprint as well as augmenting our client base.

Investing in Technology to Drive Business Excellence.

Attracting and retaining relationship managers to ensure continued growth.

How To Apply for Anand Rathi Share & Stock Brokers Ltd IPO Online?

Step 1:

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Anand Rathi Share & Stock Brokers Ltd IPO?

Anand Rathi Share & Stock Brokers Ltd's IPO offers shares for up to 745 It begins on Sep 23, 2025 and ends on Sep 25, 2025.

What is the price of the Anand Rathi Share & Stock Brokers Ltd IPO?

The price of Anand Rathi Share & Stock Brokers Ltd IPO ranges between ₹393 to ₹414 per share.

What are the open and close dates for the Anand Rathi Share & Stock Brokers Ltd IPO?

The Anand Rathi Share & Stock Brokers Ltd IPO opens on Sep 23, 2025 and closes on Sep 25, 2025.

When will the Anand Rathi Share & Stock Brokers Ltd IPO be allotted?

The allotment for the Anand Rathi Share & Stock Brokers Ltd IPO will be finalised on Sep 26, 2025. The shares will be listed on BSE and NSE on Sep 30, 2025.

What is the minimum lot size required for Anand Rathi Share & Stock Brokers Ltd IPO?

The minimum lot size for Anand Rathi Share & Stock Brokers Ltd IPO is 36 shares, priced between ₹393 to ₹414 per share.

What is the GMP of Anand Rathi Share & Stock Brokers Ltd IPO?

The GMP (Grey Market Premium) of Anand Rathi Share & Stock Brokers Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Anand Rathi Share & Stock Brokers Ltd IPO?

To check the allotment status of Anand Rathi Share & Stock Brokers Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Anand Rathi Share & Stock Brokers Ltd IPO getting listed?

The Anand Rathi Share & Stock Brokers Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Sep 23, 2025, and closes on Sep 25, 2025. The allotment is finalised on Sep 26, 2025.

How do you apply for the Anand Rathi Share & Stock Brokers Ltd IPO?

To apply for the Anand Rathi Share & Stock Brokers Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.