Angel Broking Stock Listing:
Angel Broking has a weak listing in the stock market. The company’s stock was listed on BSE today at a price of Rs 275 with a 10 percent discount. The stock was also listed on the NSE at a price of Rs 275 only. The price band for the stock was kept at Rs 306 and Angel Broking was aiming to raise Rs 600 crore from the market through an IPO. Compared to the issue price, the entry of the stock was at Rs 31 with a weakness.
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company business
Angel is a broking technology-based financial services company that offers broking and advisory services as well as margin funding, loan against shares and a variety of financial services. The number of customers of the company has increased continuously. During the quarter ended June 2020, the company added an average of 1,15,565 new customers every month, an increase of 147.59 per cent over FY 2020. It is the fourth largest broker company on the National Stock Exchange in terms of active clients. Angel Broking has access to 1,800 cities and towns across the country. The company has more than 110 branches.
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Who has management in their hands?
The funds raised from this IPO will be used by the company to meet its working capital needs and other corporate functions. Angel Broking has access to 1,800 cities and towns across the country. The company has more than 110 branches. ICICI Securities, Edelweiss Financial Services and SBI Capital have been given the responsibility of managing this issue.
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There was a lot of 49 shares
The IPO was opened for investment between September 22 and September 24. A lot of 49 shares were kept in this IPO. That is, at least 49 shares had to be bid. After this, shares could be bid for in multiples of 49. In the IPO, its stake of Rs 300 crore was put up for sale by the promoters and investors. At the same time, fresh shares of this 300 crore rupees will also be issued.
Another entry in the IPO market; Angel Broking will open on 22 September
What was the expert’s opinion
According to Nirali Shah, Senior Research Analyst, SAMCO Securities, Angel Bronking is the first broking company in the last 10 years to bring an IPO plan. There is full potential for strong growth in the company. Being technology based, the company has an edge over traditional brokers. The company’s customer base is constantly growing. It is the fourth largest broking company. However, the valuation of the issue looks somewhat expensive. Nevertheless, investors are advised to invest in it from a long-term perspective.
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Source: www.financialexpress.com
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