Anand Rathi Share & Stock Brokers Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Anand Rathi Share & Stock Brokers Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹414
Per ShareLot Size
36 Shares
Minimum Investment
₹14,904
Issue Size
₹745 Cr
Face Value
₹5
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Anand Rathi Share & Stock Brokers Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
98.06%
Promoter Holding (Post-Issue)
69.92%
Issue Type
Book Building
ISIN
INE549H01021
About the Company
We are an established full-service brokerage house in India with over 30 years of experience. We provide broking services, margin trading facility and distribution of financial products under the brand `Anand Rathi' to a diverse set of clients across retail, high net worth individuals, ultra-high net worth individuals and institutions. Our 3 decades of track record, comprehensive product offerings, and focus on serving this key demographic, positions us for continued growth. We categorise our offerings and services as (i) broking services; (ii) margin trading facility; and (iii) distribution of investment products.
Industry Overview
As per CARE Report, broking industry in India is estimated to be valued at ~ Rs. 520 billion as of FY25 and expected to grow at a CAGR of 16-18% over the next 2-3 years. In Q1FY26, NSE active clients witnessed rise in active clients supported by influx of retail investors with active clients reaching 47.9 million. The number of NSE registered active clients increased at a CAGR of 32.8% between FY20-Q1FY26. In June 2025, the MTF market grew significantly, reaching Rs. 879 billion, a 23.7% increase over March 2025, with a CAGR of 87% from trading day of March 2020 to last trading day of June 2025. This growth is driven by rising investor awareness of MTF's benefits in boosting buying power and potential returns, along with a bullish stock market.
Company History
Our Company was originally incorporated as `Navratan Capital and Securities Private Limited', at Mumbai as a private limited company under the provisions of Companies Act, 1956 and received a certificate of incorporation issued by the RoC on November 22, 1991. Our Company got converted into a public limited company pursuant to a Board resolution dated January 10, 2007 and a special resolution passed by the Shareholders on February 05, 2007, and the name of our Company was changed to, `Navratan Capital and Securities Limited'. A fresh certificate of incorporation was issued by the RoC on March 21, 2007. Subsequently, the name of our Company was changed from `Navratan Capital and Securities Limited' to `Anand Rathi Share and Stock Brokers Limited', pursuant to a Board resolution dated August 26, 2007 and a special resolution passed by our Shareholders on October 26, 2007. A fresh certificate of incorporation dated January 29, 2008, was issued by the RoC to our Company.
Products & Services
- The Company is an established full-service brokerage house in India with over 30 years of experience. It provides broking services, margin trading facility and distribution of financial products.
Growth Strategy
- Focus on improving average revenue per client by increasing client wallet share through cross selling varied investment solutions.
- Increasing our geographical footprint as well as augmenting our client base.
- Investing in Technology to Drive Business Excellence.
- Attracting and retaining relationship managers to ensure continued growth.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 17,995,169 equity shares of face value of Rs. 5 each (Equity Shares) of Anand Rathi Share and Stock Brokers Limited (the Company) for cash at a price of Rs. 414 per equity share (including a share premium of Rs. 409 per equity share) (Issue Price) aggregating up to Rs. 745.00 crores (Issue). The issue included a reservation of 257,069 equity shares aggregating up to Rs. 10.00 crores (Constituting 0.41% of the Post-Issue Equity Share Capital), for subscription by eligible employees (Employee Reservation Portion). The company in consultation with the brlms, offer a discount of 6.04% of the issue price (Equivalent of Rs. 25 per Equity Share) to the eligible employees bidding in the employee reservation portion (Employee Discount). The issue less the employee reservation portion is hereinafter referred to as the "Net Issue". The issue and the net issue shall constitute 28.71% and 28.3% of the post-issue paid-up equity share capital of the company, respectively. A discount of Rs. 25 per equity share is being offered to eligible employees bidding in the employee reservation portion
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- The highest ARPC amongst peer set.
- Strategic use of MTF Business to drive higher ARPC.
- Full service brokerage house with diversified revenue streams.
- Pan India presence combined with robust digital capabilities for client acquisition and servicing.
- Established brand with more than a 3 decade legacy backed by experienced Promoters and a strong management team.
- Our Company has made various private placement offers of secured redeemable unlisted nonconvertible debentures (NCDs) to a select group of persons including a qualified institutional buyer (QIB) during Fiscal 2023, Fiscal 2024, and Fiscal 2025, with each private placement offer having a distinctive international securities identification number (ISIN). Some of the initial subscribers further transferred the NCDs allotted to them within 6 months from the date of allotment of the NCDs. While the total number of the initial subscribers and / or the total number of unique NCD holders after the down-sale in respect of a private placement offer under a distinct private placement offer/ISIN did not exceed 200 unique NCD holders in any financial year, if the private placement offer/s under a distinct ISIN are clubbed together, then the aggregate number of unique NCD holders exceeded 200, which could be considered as non-compliance of the provisions of Sections 25 and section 42 of the Companies Act and applicable provisions of the Companies Act and securities laws. Our Company has filed an application u/s 454 of the Companies Act 2013 for adjudication with the RoC. Our Company has redeemed a significant amount and number of NCDs and the total number of unique NCD holders during each of the financial years across all offers / ISIN are now less than 200, and we cannot assure you about the outcome of this adjudication and/or that there will be no penalty levied on or action taken against our Company in this regard.
- Our Company has received a notice from SEBI seeking a compliance report in respect of the `fit and proper' person criteria in terms of the SEBI (Intermediaries) Regulations, 2008. Any adverse order in these proceedings could have a material adverse impact on business, results of operations and financial condition.
- Our Company has received a show cause notice from SEBI dated September 15, 2025 in relation to an inspection pertaining to `Cyber Security & Cyber Resilience and Framework of Technical Glitches'. Any adverse order in these proceedings could have a material adverse impact on our reputation and brand, and our financial condition.
- ARCL's application for registration as commodity derivatives broker has been rejected by SEBI and it has been barred from making a fresh application seeking registration for a period of 6 months from November 29, 2022 or till acquittal of ARCL by the courts pursuant to the chargesheet filed by the EOW, whichever is earlier. Any adverse outcome in the aforesaid proceedings would have a material adverse effect on the brand and reputation of the Anand Rathi group.
- We are subject to extensive statutory and regulatory requirements and supervision. Any failure to comply with applicable law or changes in the regulatory framework could result in action being initiated against us by relevant authorities which may have a material adverse impact on our business, results of operations and financial condition.