Owing to a number of upcoming IPOs lined up in quick succession, the Indian IPO market is finally heating up after witnessing a muted first half during this year. Among the list of new IPOs gearing up to hit the market, the Angel Broking IPO appears to be a very exciting proposition at first glance. Here’s everything that you need to know about the latest IPO from Angel Broking Limited.
About the company
With over two decades of experience in the stock broking industry, Angel Broking Limited is one of the country’s leading and fastest growing full-service broking houses. As a matter of fact, the company has now recently grabbed the fourth spot in terms of active clients in the NSE platform and enjoys a market share of 6.3% as of June, 2020.
During the three-month period from April, 2020 to June, 2020, Angel Broking stood at the second spot in terms of monthly incremental active clients in the country. Thanks to an exceptional and unwavering focus on technology and digital solutions, Angel Broking has been able to provide an extensive range of products and services to its clients.
Some of the other additional services provided by Angel Broking include investment advisory, research services, investor education, loans against shares, margin trading facility, and distribution of various third-party financial products such as mutual funds and insurance. The company enjoys a remarkably strong client acquisition process that leverages both digital solutions as well as a large network of more than 11,000 authorized persons registered with the NSE.
After crossing several milestones, the company is now all set to add another feather on to its cap through the Upcoming Angel Broking IPO. In this regard, Angel Broking has also filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India.
Details of the Angel Broking IPO
Let’s take a look at some of the important details of this upcoming IPO including the Angel Broking IPO date and the Angel Broking share price band.
Angel Broking IPO Date
The date of opening of the Angel Broking IPO hasn’t been announced as of yet. However, the Angel Broking IPO date is likely to be announced as soon as the company files the final Red Herring Prospectus (RHP) with SEBI.
Angel Broking IPO issue size
The total number of shares being issued to the public via the new IPO of Angel Broking Limited is still shrouded in mystery. However, according to the DRHP of this latest IPO, the total proceeds from the IPO would be Rs. 600 crores. Of this, Rs. 300 crores would be from a fresh issue of shares by the company.
The remaining Rs. 300 crores of the Angel Broking IPO would be an Offer for Sale (OFS) from the promoters of the company. The complete breakup of the promoters and the individual proceeds from their sale through the OFS route of this upcoming IPO is as follows:
- Ashok D. Thakkar - Rs. 20.835 crores
- Sunita A. Magnani - Rs. 3.125 crores
- International Finance Corporation (IFC) - 120.002 crores
- Individual selling shareholders - 156.038 crores
Angel Broking IPO price
The Angel Broking share price band has not been announced as of yet. That said, the Angel Broking share price band is likely to come with a large premium component, since the face value of the shares is just Rs. 10 per equity share.
Angel Broking IPO listing
The company, via its latest IPO document, has specified that its shares are proposed to be listed on both the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE). Angel Broking Limited has also received in-principle approvals from both the concerned stock exchanges in this regard.
Angel Broking IPO objectives
The net proceeds from the ‘fresh issue of shares’ component of the Angel Broking IPO is proposed to be utilized for the following two objectives.
- To meet working capital requirements of the company
- For general corporate purposes
Now all you need, is an online demat account to invest in Angel Broking IPO and make the most of your investments!
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