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Anand Rathi Share IPO
Price Band
₹393.0–414.0
Issue Size
₹745.64 Cr
Lot Size
36 shares
Min Investment
₹14,904
GMP
+₹29.0 (7.0%)
Issue Price
₹414.0
Subject to Sauda
₹800
Paid only if allotted
Anand Rathi Share IPO AI Summary
- Anand Rathi Share IPO is listed on BSE, NSE in the Stockbroking & Allied sector.
- Price band: ₹393.0–₹414.0 per share, lot size 36 shares (min. investment ₹14,904).
- Subscription window: 23 Sep–25 Sep 2025, listing on 30 Sep 2025.
- Current GMP is +₹29.0 (7.0%), an estimated listing price of ₹443 — unofficial and can change daily.
Anand Rathi Share and Stock Brokers Limited is a well-established full-service brokerage firm with a strong growth trajectory, as evidenced by its increasing revenue and profit figures. The IPO aims to raise funds for working capital and other corporate purposes, and it is positioned within a competitive landscape of financial services.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Anand Rathi Share IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 25 Sep 2025 — not a current signal.
2 of 2 reviewers say Neutral
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Anand Rathi Share IPO Grey Market Premium (GMP) Today
GMP
+₹29.0
GMP %
+7.0%
Est. Listing
₹443.0
Updated: 25 Jul 2026 14:12
About the Company
Incorporated in 1991, Anand Rathi Share and Stock Brokers Limited is a Full-Service broking company. The Company is a part of the Anand Rathi group which carries out a diverse range of financial services The company provides broking services, margin trading, and financial product distribution under the ‘Anand Rathi’ brand, offering investment options in equity, derivatives, commodities, and currency markets to various clients. As of March 31, 2025, 84.36% of the company’s active clients were over 30 years old. With three decades of experience and diverse offerings, the company is well-positioned for growth. As of March 31, 2025, the company offers broking services through 90 branches, 1,125 authorized agents across 290 cities, and online platforms, serving clients in Tier 1, Tier 2, and Tier 3 cities. Offerings & Services: Broking Services: The company provides broking services to retail, high net worth, ultra-high net worth individuals, and institutions across equity, derivatives, commodities, and currency markets through branches, authorized agents, and digital platforms. Margin Trading Facility: The company offers margin trading facilities, allowing clients to leverage eligible collateral for equity cash delivery trades. Funding is based on margin requirements set by stock exchanges. Distribution of investment products: The company distributes third-party financial products, including mutual funds, AIFs, fixed deposits, bonds, and portfolio management services, through relationship managers and digital platforms. As of March 31, 2025, the company had 2,082 permanent employees. Competitive Strengths: 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 Strong track record of financial performance and consistent growth
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 3,365.00 | 2,585.10 | 1,628.78 |
| Total Income | 847.00 | 683.26 | 468.70 |
| Profit After Tax | 103.61 | 77.29 | 37.75 |
| EBITDA | 311.27 | 230.58 | 115.07 |
| NET Worth | 503.76 | 392.66 | 265.23 |
| Reserves and Surplus | 481.58 | 370.48 | 245.07 |
| Total Borrowing | 905.57 | 879.24 | 423.00 |
Key Ratios
EPS
₹23.17
NAV
₹113.57
ROE
23.12%
ROCE
21.32%
RoNW
23.12%
P/B Value
4.68
P/E Ratio
17.87
Market Cap
₹2596.18 Cr
PAT Margin
12.23%
Debt/Equity
1.80
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Angel One Limited | 624.53 | 7.78% | 17.42 | 130.05 | 126.82 |
| Geojit Financial Services Ltd | 44.57 | 15.49% | 11.53 | 6.18 | 6.17 |
| IIFL Capital Services Limited | 80.98 | 33.17% | 13.49 | 23.06 | 21.89 |
| Motilal Oswal Financial Services Ltd. | 185.73 | 25.21% | 20.91 | 41.83 | 41 |
| Anand Rathi Share and Stock Brokers Limited This IPO | 113.57 | 23.12% | — | 23.36 | 22.46 |
Promoters
Anand Nandkishore Rathi, Pradeep Navratan Gupta, Priti Pradeep Gupta and Anand Rathi Financial Services Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding long-term working capital requirements of the Company 550.00 2 General Corporate Purposes 153.50 3 Issue Expenses 41.50 Total 745.00
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income increased from ₹468.70 Cr in the period ending 31 Mar 2023 to ₹683.26 Cr by 31 Mar 2024, and further rose to ₹847.00 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the periods.
Profit Trend
Profit after tax grew from ₹37.75 Cr in the period ending 31 Mar 2023 to ₹77.29 Cr by 31 Mar 2024, and further increased to ₹103.61 Cr by 31 Mar 2025. This indicates a strong growth trajectory in profitability over the reported periods.
Valuation
At the issue price of ₹414.0, the company's implied P/E ratio is approximately 17.87 times its earnings, compared to peers trading at a P/E range of 11.53 to 20.91.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected listing price of an IPO in the stock market, based on demand and supply in the unofficial market. A positive GMP suggests strong demand, while a negative GMP indicates weaker demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term investment horizon typically weigh IPOs like this against their financial goals and risk tolerance. It's important to consider the company's growth potential and market conditions.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs, as they can be subject to significant price fluctuations on listing day and in the initial trading period.
IPO Timeline, Explained
The IPO opens for subscription from September 23, 2025, to September 25, 2025, with the allotment date set for September 26, 2025, and the listing date on September 30, 2025.
Listing Gains — The Risk
Listing gains can be unpredictable and are influenced by market conditions and investor sentiment. While some IPOs may experience significant gains on their first day of trading, others may not perform as expected, leading to potential losses.
This evaluation is generated from Anand Rathi Share's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Anand Rathi Share IPO GMP today?
Anand Rathi Share IPO GMP today is +₹29.0 (7.0%), indicating an estimated listing price of ₹443. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Anand Rathi Share IPO?
The price band of Anand Rathi Share IPO is ₹393.0–₹414.0 per share.
When does Anand Rathi Share IPO open and close?
Anand Rathi Share IPO opens on 23 September 2025 and closes on 25 September 2025.
When does Anand Rathi Share IPO list on the stock exchange?
Anand Rathi Share IPO listed on 30 September 2025 at ₹443.0.
What is the lot size for Anand Rathi Share IPO?
The lot size for Anand Rathi Share IPO is 36 shares, requiring a minimum investment of ₹14,904.
What is the lot size for this IPO?
The lot size for Anand Rathi Share's IPO is 36 shares.
What is the minimum investment required?
The minimum investment required is ₹14,904.0.
What is the price band for the IPO?
The price band for the IPO is between ₹393.0 and ₹414.0.
When is the listing date for this IPO?
The listing date for the IPO is September 30, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on demand in the unofficial market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Sep 2025
Close
25 Sep 2025
Allotment
26 Sep 2025
Listing
30 Sep 2025
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