Anand Rathi Wealth’s ₹660 crore IPO demands ₹125 GMP ahead of opening date

• Anand Rathi Wealth, the wealth management company that caters to high and ultra-high net worth individuals is opening its IPO on December 2 and will close on December 6.
• The IPO is completely an offer for sale of 1.2 crore shares by promoters and existing shareholders.
• Shares of the company are already demanding a premium of ₹125 per share ahead of IPO opening date.

The wealth management arm of the well-known fintech firm Anand Rathi is all set to go public on stock exchanges.

Anand Rathi Wealth, the wealth management company that caters to high and ultra-high net worth individuals (HNIs), is opening its IPO on December 2 and will close on December 6.

The IPO is a complete offer for sale of 1.2 crore shares by Anand Rathi Financial Services, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust acting through Rakesh Rawal, Jugal Mantri, and Feroze Azeez.

The company manages assets under management (AUM) of ₹26,058 crore as on March 31, 2021.

In the wealth management space, IIFL Wealth Management leads the sector in terms of highest asset under management (AUM) and profitability. Also, the peer company’s stock, which is listed on exchanges, has gained 43% in 2021 so far and share price stands at ₹1,472.

Anand Rathi has a dominant position in the distribution of financial products, with a focus on the growing HNI segment. Currently, Anand Rathi Wealth is present across 11 cities in India -- Mumbai, Bengaluru, Delhi, Gurugram, Hyderabad, Kolkata, Chennai, Pune, Chandigarh, Jodhpur and Noida with a representative office in Dubai.

SEE ALSO: Amazon and Flipkart’s biggest rival in ‘Buy Now, Pay Later’ just raised $40 million

Investment platform Upstox comes up with quick IPO application process through Whatsapp