Anand Rathi Share and Stock Brokers ₹745 Crore IPO Opens Today; Anchor Investors Pump in ₹220.49 Crore

Mumbai, 23 September 2025: Anand Rathi Share and Stock Brokers Limited today opened its ₹745 crore Initial Public Offering (IPO). The issue will be open for subscription from 23rd to 25th September 2025 and the equity shares are proposed to list on NSE and BSE on 30th September 2025.

Established in 1994, Anand Rathi Share and Stock Brokers Ltd has its headquarters in Mumbai and emerged as one of India’s established financial services companies. Its products range from equity and commodity broking to derivatives, mutual funds, portfolio management, and wealth advisory services. With a distribution base of more than 350 offices in India and a global reach, the company combines customized advisory with cutting-edge digital platforms to cater to retail, HNI, and institution clients.

IPO Subscription Opens with Price Band of ₹393-₹414 Per Share

Anand Rathi Share and Stock Brokers IPO is being made available at a price band of ₹393-₹414 per equity share, with a lot size of 36 equity shares, totaling ₹14,904 per lot at the upper price band. The face value is ₹5 per equity share. Finalization of allotment is expected on 26th September 2025 and refunds and credit to demat accounts on 29th September 2025, prior to the listing on 30th September 2025.

Anchor Investors Pledge ₹220.49 Crore Pre-Listing Window

On 22nd September 2025, the company announced allotment of 53,26,086 equity shares to anchor investors at the higher price band of ₹414 per share aggregating ₹220.49 crore.

Key players were:

• HDFC Mutual Fund – HDFC Banking & Financial Services Fund
• Kotak Small Cap Fund
• Quant Mutual Fund – Quant Multi Asset Allocation Fund
• Aditya Birla Sun Life Trustee Pvt Ltd
• SBI Life Insurance Co. Ltd
• Morgan Stanley India Investment Fund, Inc.

Six domestic mutual funds have subscribed to this amount of 43.23% (23,02,596 shares) under nine schemes, demonstrating good domestic institutional buying. Such early commitment has brought stability and visibility to the issue before the public issue opened.

Financials Highlight Revenue Growth of 33% Over Three Years

Anand Rathi Share and Stock Brokers has exhibited steady growth in the last three financial years. Operating revenue went up from ₹1,234.5 crore in FY23 to ₹1,645.2 crore in FY25, showing steady growth in its business segments.

Profit After Tax (PAT) went up from ₹210.6 crore in FY23 to ₹322.4 crore in FY25, providing a 22% compound annual growth rate (CAGR). The net worth of the company increased from ₹1,150.8 crore in FY23 to ₹1,562.4 crore in FY25, while the earnings per share (EPS) enhanced from ₹12.4 to ₹19.0 during the same period. The trend showcases robust operational efficiency, backed by its diversification across advisory services, brokerage, and wealth management.

Market Risks Continue with Volatility and Regulatory Scrutiny

In spite of healthy growth, Anand Rathi Share and Stock Brokers has risk challenges associated with market conditions. Much of its top-line revenue is based on trading volume in equity and commodity exchanges, which in turn are affected by volatility and overall economic cycles. The firm is also subject to oversight by the Securities and Exchange Board of India (SEBI) and stock exchanges, so it is extremely sensitive to regulatory change.

Also of concern are competitive threats posed by both large full-service firms and discount brokers and its dependence on high-net-worth individuals (HNIs) and institutional clients for much of the business.

The listing of Anand Rathi Share and Stock Brokers’ ₹745 crore IPO is a testament to the ongoing momentum in India’s financial services space, wherein firms are using robust financials to increase market presence. Although the issue has had strong support from anchor investors and reflects steady growth metrics, its subsequent performance will be e dependent on market scenarios, competitive forces, and regulatory evolution.

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