The ₹ 600 crore crore IPO of Angel Broking received a muted response from the investing community. The public offer of the broking firm was subscribed 3.94 times, receiving bids for 5.4 crore equity shares as against an offer size of 1.37 crore equity shares, data available on the stock exchanges showed. The retail category was subscribed 4.31 times, qualified institutional buyers portion, 5.74 times and non-institutional investors category, 69 per cent.
The IPO had opened on September 22 and closed at 5:00 pm today i.e. September 24. The shares are likely to be listed on both the benchmark indices, BSE and NSE, on October 5.
The public offer included fresh issue of ₹ 300 crore and an offer for sale of ₹ 300 crore on the part of the promoters. The price band of the share offering was ₹ 305-Rs 306 per share.
Angel Broking will raise ₹ 600 crore at the higher end of the price band. It plans to utilise proceeds from the fresh issue to meet its working capital requirements and for other corporate purposes.
Incorporated in 1996, Angel Broking is among the oldest stock broking houses in the country. Angel Broking provides broking, advisory and financial services to investors. The promoters of Angel Broking are Dinesh D. Thakkar, Ashok D. Thakkar and Sunita A. Magnani.
This has been an action-packed week for the primary markets, with three IPOs viz. Computer Age Management Services IPO, Chemcon Speciality Chemicals IPO and Angel Broking IPO. The Computer Age Management Services IPO and Chemcon Speciality Chemicals IPO closed for bidding earlier, on Wednesday i.e. September 23; the Computer Age Management Services IPO was subscribed 47 times and Chemcon Speciality Chemicals IPO was subscribed 149 times.