Mumbai: The initial public offer (IPO) of Angel Broking was subscribed 3.95 times on the final day of offer on Thursday.

The Angel Broking offer did better as compared to the previous IPO from a stock broking firm, ICICI Securities, which could only get 78 per cent subscription in March 2018, and as result, the IPO size was reduced from Rs 4,017 crore to Rs 3,500 crore.

Shares of ICICI Securities are currently trading at Rs 467 compared to IPO price of Rs 520 per share. At the upper price band, Angel Broking is valued at a price-to-earnings (PE) ratio of 28.8 compared to ICICI Securities’ PE of 24.

The issue — the first by a stock broking firm in two-and-a-half years — attracted bids for 5.43 crore shares compared to the issue size of 1.38 crore shares, thanks to appetite from retail and institutional investors.

The portion reserved for retail investors was subscribed 4.32 times while the high networth investors’ portion was subscribed 0.69 times. Qualified institutional buyers’ portion was subscribed 5.76 times. The broking firm on Monday raised Rs 180 crore by allotting 58.82 lakh shares to 12 anchor investors.

Angel Broking’s initial public offer, which opened on Tuesday for subscription, comprised fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders. The offer was priced in a range of Rs 305-Rs 306 a share.

The grey market premium for Angel Broking IPO fell to Rs 15 per share from Rs 45 on Tuesday as selloff in the secondary market intensified.

Investor response to the retail broking firm’s issue was, however, modest compared to the recent IPOs of Chemcon Speciality Chemicals and Computer Age Management Services (CAMS), which ended on Wednesday, but brokers said the participation was strong given that the market has witnessed a 6 per cent selloff in the past six days.

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