Angel Broking IPO gets subscribed 1.5 times on day 2


NEW DELHI: The initial public offer (IPO) by Angel Broking was subscribed 1.46 times on Day 2 of the bidding process.

As per data available with NSE, the issue was able to attract bids for 2,00,94,459 shares, which was 1.46 times the issue size of 1,37,70,491 shares. The issue was subscribed 77 per cent by the end of Day 1 of the bidding process.

The broking firm on Monday raised Rs 180 crore by allotting 58.82 lakh shares to 12 anchor investors.

YES Securities said the brokerage has significantly outperformed the industry in terms of client additions, with the share in incremental dematerialisation accounts rising to 14.7 per cent in June quarter from 4.2 per cent in FY18. That said, the brokerage believes that high level of competition in the industry can restrict future growth opportunities for Angel Broking.

Anand Rathi said: “The company’s emphasis on providing clients with services through technological platforms has enabled it to rationalise the cost incurred and offer simplified and competitive pricing to clients along with value-added services.”

The brokerage said Angel Broking’s IPO is fairly priced at the current price band, considering its financial performance and growth prospects. We recommend a ‘subscribe’ rating on the IPO. It, however, noted that the company has not been able to report growth in revenues and profits in the last three years.

The Angel’s IPO comprises fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders. The proceeds of the offer would be utilised for meeting working capital requirements and for general corporate purposes.

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