Angel Broking’s IPO will open on September 22 and close on September 24. Anchor investors will be able to bid only on September 21.
In the midst of the coronavirus pandemic, there is a sudden boom in the primary market. One by one company is bringing their initial public offering (IPO). The brilliant listing of Happiest Minds in the stock market has made this sentiment stronger. Meanwhile, brokerage firm Angel Broking also announced its IPO on Friday.
The company is aiming to raise Rs 600 crore through the issue. Angel Broking told in a virtual press conference on Friday that the company’s IPO will open on September 22. The company is expected to raise Rs 600 crore through an IPO. The price band for IPO has been fixed from 305 to 306 rupees per share. The IPO will open on 22 September and close on 24 September. At the same time, anchor investors will be able to bid on September 21 only.
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Angel Broking: 1800 city-towns reach
Angel Broking aims to raise Rs 600 crore from the IPO. In this, new shares of Rs 300 crore will be issued, while the promoters and other shareholders of the company will offer the sale of shares worth Rs 300 crore. International Finance Corporation will offer the sale of shares worth about Rs 120 crore. 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 in the country. The company has more than 110 branches. ICICI Securities, Edelweiss Financial Services and SBI Capital have been given the responsibility of managing the issue. The shares of the company will be listed on the BSE and the National Stock Exchange.
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What does Angel Broking do?
Angel Broking is a financial service provider company. It provides customers with broking and advisory services, margin funding, loans against shares and financial products through its subsidiary AFPL. Angel Broking is the fourth largest broker in terms of active clients on the National Stock Exchange (NSE). Its market share stood at 6.3 percent by June 2020.
Talking about the last few years, the company’s customer base has increased every year. Talking about the current financial year, the company added 3.5 lakh customers in the first quarter. Every month around 1.15 lakh customers joined the company for its services, while the average monthly growth in the first quarter of FY 2020 was more than 46,000. Thus, on an annual basis, the company’s customer base has increased by 147 percent during the reporting period.
Happiest Minds IPO: Allotment of Happiest Mind’s IPO has been finalized
Bumper listing of Happiest Minds
Let me tell you, the share of Happiest Minds was listed at a price of Rs 351 on BSE. The issue price of Happiest Minds shares was Rs 166. In this sense, the stock was listed at a premium of 111 per cent. On the NSE, it was listed at Rs 350 per share. This issue proved to be rewarding for investors too. Those who would have invested Rs 1 lakh in it, their money increased to more than 2 lakh in less than a week. On the other hand, Root Mobile’s IPO has also come in the market. At the same time, the Computer Edge Management Services (CAMS) IPO is going to open on 21 September next week.
Happiest Minds Happy Investors As soon as they are listed in the stock market, know Happy
Companies hope after unlock
Jagdish Thakkar, director of Fortune Fiscal, says that the market has gained momentum after the economy opened. Liquidity has arrived. If there is no big negative trigger, then this momentum is expected to continue in the market during the time of unlocking. In such a situation, the companies’ trust in the economy is increasing and they see a good opportunity to enter the market. Companies expand their business by raising money from the market through IPOs. For this, they see this perfect opportunity. However, in the case of investors, they should invest only in companies with strong business models.
IPO: Allotment, a new entry from listing, next few days in IPO market
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