Anand Rathi Share IPO: Price Band, Analysis, Allotment And GMP

Anand Rathi Share IPO - Company Analysis

Anand Rathi Share IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 745 Cr (~1.79 Cr Shares) by Anand Rathi Share and Stock Brokers Limited, which was incorporated in 1991, and is a full-service brokerage firm. The business provides a wide range of financial services and is a member of the Anand Rathi group.

The business offers a range of investment alternatives in stock, derivatives, commodities, and currency markets through its broking services, margin trading, and distribution of financial products under the "Anand Rathi" name.

 

Products and Services

• Broking Services.

• Margin trading facility.

• Investment product distribution.

 

Anand Rathi Share IPO Details

The Anand Rathi IPO open date is from Sep 23 to Sep 25, with IPO allotment on Sep 26, refund initiation on Sep 29, 2025.

The Rs. 745 Cr mainline IPO comprises a wholly fresh issue of 1.80 crore shares.

The Anand Rathi Share IPO listing date might be on Tuesday, 30 September 2025, and it will be listed at the BSE and NSE. The Anand Rathi Share IPO price band is Rs. 393 to Rs. 414 for each Share. 

Events	Date
IPO Opening Date	Sep 23, 2025
IPO Closing Date	Sep 25, 2025
IPO Allotment Date	Sep 26, 2025
Refund Initiation	Sep 29, 2025
Tentative IPO Listing Date	Sep 30, 2025

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	3,365.00	2,585.10	1,628.78
Total Revenue	847	683.26	468.70
PAT	103.61	77.29	37.75
EBITDA	311.27	230.58	115.07
Net Worth	503.76	392.66	265.23
Total Borrowing	905.57	879.24	423

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	6,918.14	1,869.12	151.48
Net Cash Flow Investing Activities	(5,774.17)	(5,992.50)	(1,366.63)
Net Cash Flow Financing Activities	(1,123.11)	4,185.69	1,080.96

 

Revenue Bifurcation 

Revenue from Cash Segment Breakdown

 

Segment-wise Revenue Breakdown

 

Geography-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

• Financing the company's long-term operating capital needs. ~ Rs. 550 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Anand Rathi Share Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Motilal Oswal Financial Services	1	41.83	20.91
IIFL Capital Services Limited	2	23.06	13.49
Geojit Financial Services Limited	1	6.18	11.53
Angel One Limited	10	130.05	17.42

 

Valuation

Metric	Value
ROE	23.12%
ROCE	21.32%
Debt/Equity	1.80
RoNW	23.12%
PAT Margin	12.23%
EBITDA	36.81%
Price to Book Value	4.68

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 23.36 from the last year, the resulting P/E ratio is 17.72x. When compared with the industry’s average P/E of 15.84x, it indicates a higher price bid (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors.

Explore the Ivalue Infosolutions IPO.

IPO's Strengths

• The peer set's highest ARPC.

• Using MTF Business strategically to increase ARPC.

• A full-service brokerage firm with multiple sources of income.

• Strong digital skills for customer acquisition and service, paired with a nationwide presence in India.

• A well-known brand with over three decades of history, supported by seasoned promoters and a capable management group.

 

 

IPO’s Weaknesses

• Risks related to regulations and compliance.

• Market and industry dependency.

• Pressure from competition.

• Changing regulatory landscape.
  
  

Anand Rathi Share IPO GMP 

Anand Rathi Share IPO GMP today is Rs. 50 as of 19 Sep 2025, while writing this information. Hence, the Anand Rathi Share IPO listing price (estimated) might be Rs. 464 (upper price + current GMP or grey market premium).

Anand Rathi Share Limited IPO Summary

IPO Opening & Closing Date	Sep 23, 2025 to Sep 25, 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 393 to Rs. 414
Lot Size	36 Shares
Issue Size	1,79,95,169 Shares (Rs. 745 Cr)
Offer for Sale	-
Fresh Issue	1,79,95,169 Shares (Rs. 745 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

Anand Rathi Share IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (36 Shares) amounting to Rs. 14904 and 13 Lots (468 Shares) amounting to Rs. 1,93,752, respectively, while for S-HNI investors, the minimum Lot is 14 (504 Shares) amounting to Rs. 2,08,656.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

 

 

Anand Rathi Share IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Anand Rathi Share IPO Allotment Status

To check the Anand Rathi Share IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Anand Rathi Share Ltd.

• Anand Nandkishore Rathi

• Pradeep Navratan Gupta

• Priti Pradeep Gupta

• Anand Rathi Financial Services Limited.

Pre-Issue Promoter Shareholding	98.06%
Post-Issue Promoter Shareholding	69.90%

 

Anand Rathi Share IPO Lead Managers

• Nuvama Wealth Management Ltd. 

 

 

Dividend Policy

The company has not paid a dividend during the last three fiscal years.

Conclusion

The Rs. 745 Cr Anand Rathi Share IPO offers a new issue with robust financial growth, a national presence, and a reputable brand pedigree spanning more than 30 years. Long-term growth potential is supported by a solid ARPC and varied revenue streams, despite the valuation appearing a little aggressive when compared to peers.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.