Anand Rathi Share & Stock Brokers IPO is a book-built issue with a total size of ₹745 Crore. The entire issue consists of a fresh issue of 1.80 crore equity shares, aiming to raise funds for the company’s business needs. The IPO opens for subscription on September 23, 2025, and will close on September 25, 2025.
The basis of allotment is expected to be finalised on September 26, 2025, and the shares are likely to be listed on NSE and BSE on September 30, 2025. The price band for the issue is set between ₹393 and ₹414 per share, offering investors an entry at different levels.
The minimum application size is 36 shares, making the minimum investment for retail investors ₹14,904 at the upper band. For HNI investors, the minimum lot size is 14 lots, equivalent to 504 shares, amounting to ₹2,08,656.
Nuvama Wealth Management Limited is acting as the book running lead manager, while MUFG Intime India Private Limited has been appointed as the registrar to the issue.
Anand Rathi Share & Stock Brokers IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Part of the proceeds will meet working capital needs.
- Remaining funds will be used for general corporate purposes.
About Anand Rathi Share & Stock Brokers Limited
Anand Rathi is an established full-service brokerage house in India with over three decades of experience in the financial services sector.
The company provides a comprehensive range of offerings including broking services, margin trading facilities, and distribution of financial products under the brand name Anand Rathi.
Its services cater to a diverse client base comprising retail investors, high net worth individuals (HNIs), ultra-high net worth individuals (UHNIs), and institutional clients.
The firm’s investment solutions cover multiple asset classes such as equities, derivatives, commodities, and currency markets. While its clientele spans different age groups, as of September 30, 2024, a significant portion of its active clients—146,029 individuals representing 84.86%—were above 30 years of age.
This strong demographic base, combined with its proven track record and broad product suite, positions the company well for sustained growth.
A part of the Anand Rathi Group, which operates across various segments of financial services through its group companies, the brokerage house benefits from a diversified presence and strong brand recognition.
As of September 30, 2024, it operated through a network of 90 branches across 54 cities, supported by 1,123 Authorised Persons covering 333 cities in India. In addition, its digital and online platforms further enhance accessibility, allowing the firm to reach clients across Tier 1, Tier 2, Tier 3, and other cities nationwide.
The company’s service portfolio is structured into distinct categories, with Broking Services as a core offering. Through branches, Authorised Persons, and online platforms, it enables clients to trade across equities in cash-delivery, cash-intraday, futures and options, commodities, and currency segments.
A particular focus remains on cash-delivery and intraday trading, ensuring a balanced approach to meet diverse investor needs.
By leveraging its multi-channel presence, strong brand, and deep understanding of client preferences, Anand Rathi continues to strengthen its position in the financial services industry.
Its ability to offer tailored investment solutions across multiple asset classes, backed by decades of expertise, makes it a trusted partner for investors seeking growth and long-term wealth creation.
Industry Outlook
- India’s young population represents a long-term growth driver for the broking industry. Early career investments, coupled with the fact that India’s median age will remain below 35 for the foreseeable future, ensure sustained favourable demographics for the sector.
- Only about 4–5% of Indians invest in the stock market, versus 55% in the United States, 33% in the United Kingdom, and 13% in China. This gap underscores the vast growth potential
- Indian households are gradually shifting their savings. In FY24, the proportion of savings allocated to equities and mutual funds stood at 8%, and this figure is projected to reach 12% by FY33.
- With over 60% of new investments now originating from Tier 2 and Tier 3 cities, the rise of digital trading platforms has enabled brokerage firms to expand beyond major metros.
- Cloud computing, real-time analytics, and secure digital payment systems are also streamlining broker operations, improving efficiency while reducing costs.
- Retail investors’ share of derivatives trading volumes has surged from 2% in 2018 to 41% in 2023, establishing India as a global leader in derivatives trading.
- By May 2024, the monthly notional value of derivatives traded reached ₹9,504 trillion (US$113.6 trillion). Furthermore, SEBI’s introduction of new derivative products has enhanced liquidity, deepened the markets, and opened additional revenue opportunities for brokers.
How To Apply for the Anand Rathi Share & Stock Brokers IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Anand Rathi Share & Stock Brokers IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Anand Rathi Share & Stock Brokers IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Anand Rathi Share & Stock Brokers Limited
Registered office: Express Zone, A Wing, 10th Foor, Western Express Highway, Goregaon (E), Mumbai, Maharashtra, 400063.
Phone:+91-22-4918 6270
E-mail: secretarial@rathi.com
Website:https://www.anandrathi.com/
Anand Rathi Share & Stock Brokers IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 50% of the Net Issue |
|
NII (HNI) Shares |
Not less than 15% of the Net Issue |
|
Retail Shares |
Not less than 35% of the Net Issue |
|
Total Shares |
100.00% |
Anand Rathi Share & Stock Brokers IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
1 |
36 |
₹14,904 |
|
Individual investors (Retail) (Max) |
13 |
468 |
₹1,93,752 |
|
S-HNI (Min) |
14 |
504 |
₹2,08,656 |
|
S-HNI (Max) |
67 |
2,412 |
₹9,98,568 |
|
B-HNI (Min) |
68 |
2,448 |
₹10,13,472 |
Anand Rathi Share & Stock Brokers IPO Promoter Holding
The promoters of the company include Anand Nandkishore Rathi, Pradeep Navratan Gupta, Priti Pradeep Gupta and Anand Rathi Financial Services Limited.
|
Share Holding Pre-Issue |
98.06% |
|
Share Holding Post Issue |
69.90% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Anand Rathi Share & Stock Brokers IPO
|
KPI |
Value |
|
ROE (%) |
23.12 |
|
RoCE (%) |
21.32 |
|
Debt/Equity |
1.80 |
|
RoNW (%) |
23.12 |
|
EBITDA Margin (%) |
36.81 |
Anand Rathi Share & Stock Brokers IPO Prospectus
Anand Rathi Share & Stock Brokers IPO Registrar and Lead Managers
Anand Rathi Share & Stock Brokers IPO Lead Managers
- Nuvama Wealth Management Limited
Registrar for Anand Rathi Share & Stock Brokers IPO
MUFG Intime India Private Limited
- Contact Number: +91-22-4918 6270
- Email Address: anandrathibrokers.ipo@in.mpms.mufg.com
- Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Financial Performance of Anand Rathi Share & Stock Brokers Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 8,456.98 | 6,817.88 |
| Profit After Tax (in ₹ million) | 1,036.06 | 772.90 |
| EBITDA (in ₹ million) | 3,112.67 | 2,305.84 |
| EBITDA Margin (%) | 36.81 | 33.82 |
| PAT Margin (%) | 12.23 | 11.31 |
| Return on Capital Employed (RoCE) (%) | 21.32 | 21.48 |
| Revenue Mix – Broking & Related Services (in ₹ million) | 5,102.72 | 4,578.12 |
Know before investing
Strengths
884.36% of Active Clients are above 30 years, supporting demand for long-term, relationship-based broking.
Margin Trading Facility (MTF) is a core business driver, generating higher ARPC compared to non-MTF clients.
Zero non-performing assets maintained in the MTF book during Fiscal 2025, reflecting robust credit quality.
Diversified revenue mix from both broking and non-broking services, including margin trading and investment product distribution.
Strong digital platforms (web and mobile app) enable client acquisition and servicing through self-directed channels.
Omni-channel presence allows client reach across Tier 2, Tier 3, and smaller cities without branch dependency.
Ability to scale client base efficiently through authorized persons and online platforms across India.
Positioned to capture growing demand from investors seeking comprehensive financial solutions.
Risks
8Intense competition from discount brokers offering low trading fees pressures full-service brokers’ margins.
High fixed costs from exchange memberships, infrastructure, and technology investments strain profitability.
Complex financial markets and volatile conditions make risk mitigation challenging.
Reduced investor confidence during economic downturns impacts advisory and fee-based income.
Rise of online discount platforms with diversified offerings (mutual funds, ETFs, robo-advisory) drives client migration.
Dependence on market volatility and trading volumes exposes revenues to macroeconomic and geopolitical risks.
Increasing regulatory compliance requirements (reporting, client disclosures) raise operational costs.
Restrictions on margin trading and exposure limits constrain growth in high-margin business lines.
Anand Rathi Share & Stock Brokers Limited Peer Comparison
| Company Name | Revenue FY 2024-25 (₹ lakh) | EPS (₹) | NAV (₹ per share) | RONW (%) |
|---|---|---|---|---|
| Anand Rathi Share & Stock Brokers Limited | 84,700.40 | (Basic) / 22.46 (Diluted) | 113.57 | 23.12 |
| Motilal Oswal Financial Services | 841,722.00 | 41.83 (Basic) / 41.00 (Diluted) | 185.73 | 25.21 |
| IIFL Capital Services Limited | 256,743.10 | 23.06 (Basic) / 21.89 (Diluted) | 80.98 | 33.17 |
| Geojit Financial Services Limited | 74,932.20 | 6.18 (Basic) / 6.17 (Diluted) | 44.57 | 15.49 |
| Angel One Limited | 524,766.90 | 130.05 (Basic) / 126.82 (Diluted) | 624.53 | 7.78 |
