Anand Rathi Share & Stock Brokers Ltd IPO
Open Demat Account
Anand Rathi Share & Stock Brokers Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 179.95 L | TBA | ₹ 62.14 L | ₹ 438.45 L | BSE | ₹ 745 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 23 Sep, 25 | 25 Sep, 25 | 36 | ₹ 14,148 | Book Building | 30 Sep, 25 |
Anand Rathi Share & Stock Brokers Ltd IPO Dates
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 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
Anand Rathi Share & Stock Brokers Ltd Financial Status
Income Statement
Balance Sheet
| 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 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
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.
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 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.
- 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.
How To Apply for Anand Rathi Share & Stock Brokers Ltd IPO Online?
Step 1:
Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.
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.
