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

The retail-focused stock broking company raised funds at Rs 306 per share by allotting 58,82,352 shares to investors, with domestic mutual funds grabbing a majority of shares that were allotted.

Six domestic fund houses raked in 70 per cent of the total anchor allotment, and bought these stocks in 20 of their schemes.

Angel Broking’s IPO will open on Tuesday, and the price band for the same has been fixed at Rs 305-Rs 306 per equity share. The offer, which will close on September 24, comprises a fresh issue of Rs 300 crore and an offer for sale aggregating to Rs 300 crore.

The funds will be used for working capital purposes, to fund the margin capital needs of the customers.

At the upper end of the price band of Rs 305-Rs 306, the issue is asking for a valuation of 26.84 times FY20 earnings.

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