Angel Broking IPO opens on Sept 22, price band fixed

Domestic brokerage Angel Broking on Friday said its initial public offering (IPO) will open for subscription on September 22, and the price band for the same has been fixed at Rs 305-Rs 306 per equity share.

The offer, which will close on September 24, comprises a fresh issue of Rs 300 crore and an offer for sale aggregating to Rs 300 crore.

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

The lot size has been decided at 49 shares, meaning one will have to shell out at least Rs 14,945 to bid for the issue.

With 7.7 lakh active customer, Angel Broking is the fourth largest broking firm in the country.

“Net worth of the company stood at Rs 639.10 crore as of June 30. The figure stood at Rs 473.60 crore in FY18,” the firm said.

The upcoming public offer of the stock broking firm would be the eight IPO in 2020 after SBI Card, Rossari Biotech, Mindspace Business Parks REIT, Happiest Minds, Route Mobile, Chemcon Speciality Chemicals and Computer Age Management Services (CAMS).

CAMS and Chemcon Speciality Chemicals will open for subscription on September 21.

The objective of the offer is to meet working capital requirement and general corporate purposes.

Equity shares of the company are proposed to be listed on National Stock Exchange (NSE) and BSE.