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Angel Broking IPO: Open for Subscription today; Know it in detail

Angel Broking IPO: Open for Subscription today; Know it in detail
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Angel Broking IPO

Highlights

Angel Broking Limited initial public offer (IPO) will open for subscription today

Angel Broking Limited initial public offer (IPO) will open for subscription today, i.e. September 22, 2020. The public issue will close on September 24, 2020. The price band for Angel Broking IPO has been fixed at Rs 305-Rs 306.

The company seeks to raise around Rs 600 crore through the public issue. The offer comprises a fresh issue of Rs 300 crore and an offer for sale aggregating to Rs 300 crore.

Investors can bid for a minimum one lot that consists of 49 shares and in multiples thereof. One will have to shell out at least Rs 14,945 to bid for the issue. Retail investors can bid for a maximum of 13 lots.

The quota for retail investors in Angel Broking IPO is fixed at 35 per cent of the net offer. QIB quota is fixed at 50 per cent while the NII at 15 per cent. Company may allocate up to 60 per cent shares of the QIB Portion to Anchor Investors.

The allotment of the shares is likely o be finalised by September 29, 2020, ad credited to the Demat account is likely to happen by October 1, 2020. The initialisation of refunds will likely be made by September 30, 2020.

Angel Broking n Monday said it has raised a total of Rs 180 crore from 12 anchor investors ahead of its initial public offering (IPO) on Tuesday.

About Angel Broking Limited

Angel Broking Limited is one of the largest retail broking houses in India in terms of active clients on NSE as of June 30, 2020 (Source: CRISIL Report). It is a technology-led financial services company providing broking and advisory services, margin funding, loans against shares and financial products distribution to its clients under the brand "Angel Broking". Its broking and allied services are offered through (i) its online and digital platforms such as "Angel Broking", "Angel SpeedPro" etc, and (ii) its network of over 11,000 Authorised Persons as of June 30, 2020.

It manages Rs 132,540 million in client assets and over 2.15 million operational broking accounts as of June 30, 2020. Its consolidated total revenue from operations was 2,384.24 million, Rs 7,246.24 million, Rs 7,579.78 million for the period ended June 30, 2020, and in FY 2020, 2019 respectively.

Competitive Strength of the Issue

One of the largest retail broking houses with strong brand equity: Its widespread reach has enabled to enhance its client base by 36.81 per cent CAGR from 1.06 million in FY18 to 2.15 million as on June 30, 2020.

Robust business metrics building operating leverage: Due to the growing base of NSE active clients, its market share and rank improved to 6.29 per cent, registering an increase of 95 bps in June 2020 over March 2020, and 4th position respectively in NSE active clients.

Client acquisition through diversified digital platforms: Based on its average client additions in Q1 FY21, 85.21 per cent of its clients have been acquired digitally. Its digital initiatives have increased its monthly average online order execution of direct clients to more than 99 per cent in Q1 FY 21.

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