The initial public offer (IPO) by Angel Broking was subscribed 3.94 times on the final day of the bidding process.

As per data available with the NSE, the issue was able to attract bids for 5,42,64,854 shares against the issue size of 2,48,16,050 shares. The issue was subscribed 1.46 times on Day 2 and 77 per cent at the end of the Day 1 bidding.

The portion reserved for retail investors was subscribed 4.31 times, while quota for non-institutional investors was filled in 69 per cent. The portion for qualified institutional buyers (QIBs) was subscribed 5.74 times.

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

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

It noted that the company’s brokerage revenue accounted for 69.54 per cent of the total revenue whereas revenue from lending activities, income from depository operations, portfolio management services, income from distribution, and other activities formed 30.46 per cent of the total revenue in FY 2020.

“We believe Angel Broking IPO & OFS is fairly priced at the current price band considering its financial performance and growth prospects. We recommend subscribing to the IPO,” the brokerage said, even as it noted that the company has not been able to report a growth in its revenues and profits in the last three years.

YES Securities said the brokerage has significantly outperformed 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.

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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