Anand Rathi IPO (Initial Public Offering) will open for subscription on 2 December 2021 and will be open for bidding until 4 December 2021. Scheme of India’s leading Non-Banking Wealth Solutions Firm 660 crores from its public issue and it has fixed the price band of the issue from 530 550 per equity share. Ahead of the subscription opening date, the gray market has started giving positive signals regarding the Anand Rathi IPO. As per market observers, Anand Rathi Wealth’s share is available at a premium 125 in gray market today.
Anand Rathi IPO GMP
According to market observers, Anand Rathi’s IPO is at Gray Market Premium (GMP) today 125, which is 25 more than last evening’s GMP. He said that the shares of Anand Rathi Wealth became available from yesterday morning at a premium of Rs. 85. This GMP went up and hit 100 despite negative sentiment on Dalal Street yesterday evening. He further said that despite the weak bias in the Indian stock market, the rise in GMP gives a good indication about the public issue. He said it could have a positive impact on the public issue when it opens tomorrow.
What does this GMP mean?
Market observers said the GMP is a gray market estimate of potential listing gains from the public issue. As it is Anand Rathi Wealth IPO GMP today 125, means gray market is expecting this public issue to be listed 675 ( 550+ 125), which is more than 20 percent from the price band of from 530 550 per equity share. Market observers expected the premium to go up further if there was a trend reversal in the primary market.
Anand Rathi on IPO Review; Ravi Singh, Head of Research and Vice President, ShareIndia, said, “India’s banking and financial services (BFSI) sector continues to offer tremendous growth opportunities due to increased retail participation in capital market-linked businesses. However, the current market sentiment is not. Favorable and BFSI sector is the worst affected. Anand Rathi Wealth is showing higher valuations and the listing band is on the upper band.”
The Anand Rathi IPO allotment is likely to take place on 9 December 2021, while the wealth resolution firm’s shares may get listed on NSE and BSE on 14 December 2021.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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