Mumbai, September 22, 2025 — Anand Rathi Group is back in the primary market with its second listing. This time it is Anand Rathi Share & Stock Brokers (ARSSBL), the brokerage arm of the group. The IPO comes after its wealth management arm, Anand Rathi Wealth, turned into a multibagger — delivering nearly 1,000% returns since its 2021 debut.
The brokerage IPO is set to raise around ₹745 crore, and subscription opens September 23 to 25, with listing expected on September 30.
Why This IPO Is in Focus
- Track record: The wealth arm of the group listed in December 2021 and went on to deliver ~1,000% returns, creating a strong goodwill effect.
- Busy IPO week: With over 20 issues (mainboard + SME) live in the same week, the Anand Rathi offer will compete for investor attention.
- Brand recognition: Anand Rathi is a well-known name in wealth and brokerage services, which could attract retail participation.
| Anand Rathi Brokerage IPO Snapshot | |
|---|---|
| IPO Dates | Sep 23 – Sep 25, 2025 |
| Issue Size | ₹745 Cr |
| Price Band | ₹393 – ₹414 |
| Lot Size | 36 shares (₹14,904) |
| Listing | Sep 30, 2025 (NSE, BSE) |
Grey Market Buzz
Market observers say the IPO is seeing an early Grey Market Premium (GMP) of ~₹24 above the upper price band. While this hints at positive sentiment, investors should remember that GMP is unofficial, unregulated, and can change quickly.
Business at a Glance
- Core areas: ARSSBL runs broking, distribution, and allied services.
- Growth levers: Rising retail participation in equities, strong cross-selling potential from the group ecosystem, and expanding digital platforms.
- Edge: Trusted brand after the wealth arm’s multibagger success, plus a large retail client base.
Financials of the Company:
| Metric (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Assets | 1,628.78 | 2,585.10 | 3,365.00 |
| Total Income | 468.70 | 683.26 | 847.00 |
| Profit After Tax (PAT) | 37.75 | 77.29 | 103.61 |
| EBITDA | 115.07 | 230.58 | 311.27 |
| Net Worth | 265.23 | 392.66 | 503.76 |
| Reserves & Surplus | 245.07 | 370.48 | 481.58 |
| Total Borrowing | 423.00 | 879.24 | 905.57 |
What the Money Will Be Used For
The company says IPO proceeds will go towards:
- Strengthening its balance sheet
- Expanding operations and technology platforms
- General corporate purposes
Investor View
Positives:
- Strong brand halo after Wealth arm’s success
- Expanding Indian retail market participation
- Healthy balance sheet plans
Risks:
- Highly cyclical business — depends on trading volumes and investor sentiment
- Stiff competition from large brokers and fintech platforms
- Valuations may feel rich in a crowded IPO calendar
The Anand Rathi Brokerage IPO arrives with plenty of goodwill thanks to the wealth arm’s track record. But goodwill alone cannot decide returns. Investors should check fundamentals, growth prospects, and valuations carefully before subscribing.
— eBharat Market Desk
