Anand Rathi Share & Stock Brokers IPO opens today: Should you subscribe to it?
Anand Rathi Share & Stock Brokers is selling its shares in the price band of Rs 393-414 apiece, which could be applied for a minimum of 36 shares and its multiples to raise Rs 745 crore between September 23-25.
- Sep 23, 2025,
- Updated Sep 24, 2025 1:07 PM IST
The initial public offering of Anand Rathi Share & Stock Brokers (ARSSBL) shall open for bidding today, that is Tuesday, September 23. The company shall be offering its shares in the range of Rs 393-414 apiece. Investors can apply for a minimum of 36 equity shares and its multiples thereafter until Thursday, September 25.
The IPO of Anand Rathi Shares & Stock Brokers is entirely a fresh share sale of 1,79,95,169 equity shares amounting to Rs 745 crore, with no OFS component. The net proceeds from the issue shall be utilized towards funding long-term working capital requirements and general corporate purposes.
Incorporated in 1991, Mumbai-based Anand Rathi Share and Stock Brokers is a full-service broking company. It is a part of the Anand Rathi group which carries out a diverse range of financial services It provides broking services, margin trading, and financial product distribution, offering investment options in equity, derivatives, commodities, and currency markets.
Anand Rathi Share and Stock Brokers mobilised Rs 220.5 crore from 15 anchor investors at its finalised allocation of 53,26,086 shares at Rs 414 apiece. Its anchor book included names like Morgan Stanley, Pinebridge Global Fund, Kotak Mahindra Life Insurance, and 360 ONE, Singularity AMC, HDFC Mutual Fund, Kotak Mahindra AMC, Quant Mutual Fund and others.
For the year ended on March 31, 2025, Anand Rathi reported a net profit of 103.61 crore with a revenue of Rs 847 crore. The company clocked a net profit of Rs 77.29 crore with a revenue of Rs 683.26 crore for the year 2023-24. At the current valuations, the company is commanding a market capitalization close to Rs 2,600 crore.
Anand Rathi has reserved shares worth Rs 10 crore for its eligible employees who will get a discount of Rs 25 apiece. It has reserved 50 per cent of net offer for QIBs, while retail investors will have 35 per cent of allocation. HNI bidders will have 15 per cent of the allocation. Last heard, it was commanding a grey market premium (GMP) of Rs 31 apiece, signalling 7-8 per cent gains.
Nuvama Wealth Management, DAM Rathi Advisors and Anand Rathi Advisors are the book running lead managers of Anand Rathi Share & Stock Brokers IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, September 30. Here's what a host of brokerage firms say about the IPO of Anand Rathi Shares & Stock Brokers:
SBI Securities Rating: Subscribe Anand Rathi Share & Stock Brokers is valued at an FY25 P/E of 23.8 times/25.1 times on a post-issue capital basis. Backed by the strong Anand Rathi Group brand, it stands out with one of the highest ARPCs in the industry. Supported by rising retail investor participation, its diversified business model, and robust client franchise, it is well-positioned for sustained growth, said SBI Securities.
"ARSSBL recorded a CAGR of 34 per cent/65 per cent/66 per cent in revenue/Ebitda/PAT, respectively during the FY23-FY25, showcasing its robust financial performance. Considering the growth potential of the capital markets over the period FY25-28P at a CAGR of 16-18 per cent, we recommend that investors 'subscribe' to the issue for the long term," it added.
BP Wealth Rating: Subscribe Anand Rathi Shares & Stock Brokers is currently valued at a P/E of 18.4 times based on FY25 earnings, largely in line with listed peers. On the return front, the company reported robust RoACE and RoAE of 21.3 per cent and 23.1 per cent, respectively, in FY25, reflecting healthy and sustainable profitability, said BP Wealth
"Driven by superior client monetisation, diversified revenues, robust margins, and scalable technology-led platforms, we believe that the company is well-positioned to capitalise on industry tailwinds and deliver sustainable growth. Thus, we recommend a 'subscribe' rating for this issue from a medium to long-term perspective," it said.
Ventura Securities Rating: Subscribe ARSSBL leads with the highest ARPC at Rs 29,347 in FY25, driven by a mature client base (84.36 per cent over 30) and tailored management. A panIndia network and digital infrastructure enhance scalability, while zero NPA in MTF and the trusted Anand Rathi brand aid retention and cross selling, said Ventura.
"However, Regulatory risks loom with potential SEBI penalties for non-compliance in non-convertible debenture placements. Competition from discount brokers, related-party conflicts, and Rs 377.340 crore contingent liabilities in FY25 add further pressure," it added with a 'subscribe' rating.
Marwadi Financial Services Rating: Subscribe "We assign a 'subscribe' rating to this IPO as they are an established brand with more than a 3 decade legacy along with Pan India presence, " said Marwadi Financial Services. "Also, it is available at a reasonable valuation considering the growth potential of the company," it added.
Laksmishree Investments & Securities Rating: Subscribe We believe the Anand Rathi Share offers investors an opportunity to participate in a well-established and diversified player within India's high-growth financial services sector. As a leading full-service broking house with a pan-India presence and a strong client base. It is well-positioned to capitalize on the increasing financialization of savings and rising retail participation, said Lakshmishree.
"Valuation wise, it appears reasonably priced compared to some peers, making it an attractive proposition for long-term investors. However, investors should be mindful of the intense competition from discount brokers and the inherent volatility of the capital markets, which could impact the company's performance," it added with a 'subscribe' rating.
Master Capital Services Rating: Subscribe for long-term Anand Rathi is well placed to capitalize on this growth as one of the leading full-service broking firms in India. Its robust digital platform, experienced research team, and expanding client base provide it with a competitive advantage. Strong execution capabilities and a growing active client base support its future growth prospects," said Master Capital with 'subscribe' for long-term.
Adroit Financial Services Rating: Subscribe for long-term Anand Rathi is launching its IPO at the higher end of the valuation spectrum, reflecting confidence in its robust business model and growth prospects. It boasts the highest ARPC among its peers, which highlights its strong client engagement and effective monetization strategies, said Adroit Financial with a 'subscribe' rating for long-term, considering valuation and growth potential.
The initial public offering of Anand Rathi Share & Stock Brokers (ARSSBL) shall open for bidding today, that is Tuesday, September 23. The company shall be offering its shares in the range of Rs 393-414 apiece. Investors can apply for a minimum of 36 equity shares and its multiples thereafter until Thursday, September 25.
The IPO of Anand Rathi Shares & Stock Brokers is entirely a fresh share sale of 1,79,95,169 equity shares amounting to Rs 745 crore, with no OFS component. The net proceeds from the issue shall be utilized towards funding long-term working capital requirements and general corporate purposes.
Incorporated in 1991, Mumbai-based Anand Rathi Share and Stock Brokers is a full-service broking company. It is a part of the Anand Rathi group which carries out a diverse range of financial services It provides broking services, margin trading, and financial product distribution, offering investment options in equity, derivatives, commodities, and currency markets.
Anand Rathi Share and Stock Brokers mobilised Rs 220.5 crore from 15 anchor investors at its finalised allocation of 53,26,086 shares at Rs 414 apiece. Its anchor book included names like Morgan Stanley, Pinebridge Global Fund, Kotak Mahindra Life Insurance, and 360 ONE, Singularity AMC, HDFC Mutual Fund, Kotak Mahindra AMC, Quant Mutual Fund and others.
For the year ended on March 31, 2025, Anand Rathi reported a net profit of 103.61 crore with a revenue of Rs 847 crore. The company clocked a net profit of Rs 77.29 crore with a revenue of Rs 683.26 crore for the year 2023-24. At the current valuations, the company is commanding a market capitalization close to Rs 2,600 crore.
Anand Rathi has reserved shares worth Rs 10 crore for its eligible employees who will get a discount of Rs 25 apiece. It has reserved 50 per cent of net offer for QIBs, while retail investors will have 35 per cent of allocation. HNI bidders will have 15 per cent of the allocation. Last heard, it was commanding a grey market premium (GMP) of Rs 31 apiece, signalling 7-8 per cent gains.
Nuvama Wealth Management, DAM Rathi Advisors and Anand Rathi Advisors are the book running lead managers of Anand Rathi Share & Stock Brokers IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, September 30. Here's what a host of brokerage firms say about the IPO of Anand Rathi Shares & Stock Brokers:
SBI Securities Rating: Subscribe Anand Rathi Share & Stock Brokers is valued at an FY25 P/E of 23.8 times/25.1 times on a post-issue capital basis. Backed by the strong Anand Rathi Group brand, it stands out with one of the highest ARPCs in the industry. Supported by rising retail investor participation, its diversified business model, and robust client franchise, it is well-positioned for sustained growth, said SBI Securities.
"ARSSBL recorded a CAGR of 34 per cent/65 per cent/66 per cent in revenue/Ebitda/PAT, respectively during the FY23-FY25, showcasing its robust financial performance. Considering the growth potential of the capital markets over the period FY25-28P at a CAGR of 16-18 per cent, we recommend that investors 'subscribe' to the issue for the long term," it added.
BP Wealth Rating: Subscribe Anand Rathi Shares & Stock Brokers is currently valued at a P/E of 18.4 times based on FY25 earnings, largely in line with listed peers. On the return front, the company reported robust RoACE and RoAE of 21.3 per cent and 23.1 per cent, respectively, in FY25, reflecting healthy and sustainable profitability, said BP Wealth
"Driven by superior client monetisation, diversified revenues, robust margins, and scalable technology-led platforms, we believe that the company is well-positioned to capitalise on industry tailwinds and deliver sustainable growth. Thus, we recommend a 'subscribe' rating for this issue from a medium to long-term perspective," it said.
Ventura Securities Rating: Subscribe ARSSBL leads with the highest ARPC at Rs 29,347 in FY25, driven by a mature client base (84.36 per cent over 30) and tailored management. A panIndia network and digital infrastructure enhance scalability, while zero NPA in MTF and the trusted Anand Rathi brand aid retention and cross selling, said Ventura.
"However, Regulatory risks loom with potential SEBI penalties for non-compliance in non-convertible debenture placements. Competition from discount brokers, related-party conflicts, and Rs 377.340 crore contingent liabilities in FY25 add further pressure," it added with a 'subscribe' rating.
Marwadi Financial Services Rating: Subscribe "We assign a 'subscribe' rating to this IPO as they are an established brand with more than a 3 decade legacy along with Pan India presence, " said Marwadi Financial Services. "Also, it is available at a reasonable valuation considering the growth potential of the company," it added.
Laksmishree Investments & Securities Rating: Subscribe We believe the Anand Rathi Share offers investors an opportunity to participate in a well-established and diversified player within India's high-growth financial services sector. As a leading full-service broking house with a pan-India presence and a strong client base. It is well-positioned to capitalize on the increasing financialization of savings and rising retail participation, said Lakshmishree.
"Valuation wise, it appears reasonably priced compared to some peers, making it an attractive proposition for long-term investors. However, investors should be mindful of the intense competition from discount brokers and the inherent volatility of the capital markets, which could impact the company's performance," it added with a 'subscribe' rating.
Master Capital Services Rating: Subscribe for long-term Anand Rathi is well placed to capitalize on this growth as one of the leading full-service broking firms in India. Its robust digital platform, experienced research team, and expanding client base provide it with a competitive advantage. Strong execution capabilities and a growing active client base support its future growth prospects," said Master Capital with 'subscribe' for long-term.
Adroit Financial Services Rating: Subscribe for long-term Anand Rathi is launching its IPO at the higher end of the valuation spectrum, reflecting confidence in its robust business model and growth prospects. It boasts the highest ARPC among its peers, which highlights its strong client engagement and effective monetization strategies, said Adroit Financial with a 'subscribe' rating for long-term, considering valuation and growth potential.