The initial public offering of Anand Rathi Share & Stock Brokers Limited opened for subscription on September 23, 2025, and is already drawing significant attention from investors. The public issue, which aims to raise ₹745 crore through a fresh issue of equity shares, has fixed a price band of ₹393 to ₹414 per share. Market observers reported that the shares of the company are commanding a premium of ₹24 in the grey market today, suggesting early investor interest in the offering.
Grey Market Premium Signals Listing Gains
On the opening day of bidding, the Anand Rathi IPO was available in the grey market at a premium of ₹24 per share. This indicates a potential gain of nearly 6 percent for investors if the shares list at the implied price above the upper band of ₹414. Grey market activity often reflects sentiment and demand expectations ahead of listing, and in this case, the premium suggests cautious optimism from investors.
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Subscription Status on Day 1
By 11:36 am on Day 1 of bidding, the public issue had been subscribed to 0.14 times overall. The retail investor portion had received subscriptions of 0.21 times, showing stronger participation compared to the broader market average. The non-institutional investor (NII) category witnessed a subscription of 0.13 times. The response on the first day indicates that while institutional participation was yet to gain momentum, retail investors were quick to show early interest in the issue.
IPO Structure and Key Details
The ₹745 crore IPO is entirely a fresh issue of equity shares. There is no offer-for-sale component, which means that all proceeds raised from the issue will flow directly to the company for its expansion and growth initiatives. The IPO opened for subscription on September 23 and will close on September 25, 2025. The allotment of shares is expected on September 26, and the listing is scheduled on both the BSE and NSE. According to the company’s plan, the listing will take place on September 30, 2025.
The minimum lot size for bidding is 36 shares, which means that investors will have to apply for shares in multiples of 36. MUFG Intime India Private Limited has been appointed as the registrar to the issue, while Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are acting as the book-running lead managers.
Company Performance and Financials
Anand Rathi Share & Stock Brokers Limited is a diversified financial services player with a presence across multiple segments in India’s growing equity markets. For the financial year 2024-25, the company reported revenue of ₹845.70 crore and profit after tax of ₹103.61 crore. This consistent performance highlights the company’s position in the competitive financial services sector.
At the IPO price band of ₹393 to ₹414 per share, the company’s valuation works out to approximately 18–20 times price-to-earnings (P/E), based on FY25 earnings. Analysts have pointed out that this valuation range appears reasonable compared with industry peers.
Analyst Recommendations and Market Reviews
Market experts have largely assigned a positive outlook to the Anand Rathi IPO. Anshul Jain, Head of Research at Lakshmishree, assigned a “Subscribe” rating to the IPO, highlighting that it provides investors with an opportunity to participate in a well-established and diversified financial services company. Jain noted that the company has a pan-India presence, a robust client base, and is positioned to benefit from rising retail participation in equities. According to him, the entire issue being a fresh offering adds value, as proceeds will directly support business expansion.
Marwadi Shares and Finance also gave a “Subscribe” recommendation. The brokerage observed that based on the FY25 earnings per share of ₹16.52 on a post-issue basis, the company would be valued at a P/E of around 25 times, with a post-issue market capitalization of ₹2,596 crore. When compared with peers, Motilal Oswal Financial Services trades at about 20 times P/E, IIFL Capital Services at 13 times, Geojit Financial Services at 14 times, and Angel One at 21 times. Marwadi concluded that Anand Rathi’s IPO valuation is reasonable considering its growth potential and legacy as a well-known financial services brand with more than three decades of presence in the industry.
Further endorsements came from Adroit Financial Services and SBI Capital Securities, both of which also assigned a “Subscribe” rating to the IPO. Analysts from these firms pointed to the company’s established brand, strong distribution network, and ability to leverage rising equity market participation as reasons to consider the issue favorably.
Grey Market Buzz Ahead of Listing
The Anand Rathi IPO generated notable interest in the grey market even before its official opening. The ₹24 premium observed today continues that trend, signaling that the IPO has attracted strong pre-listing enthusiasm. While grey market premiums are unofficial and subject to volatility, they are often seen as a barometer of likely listing performance. At the current GMP, the estimated listing price is around ₹438 per share, implying modest but positive listing gains for investors.
Conclusion
The Anand Rathi Share & Stock Brokers IPO has opened with steady retail demand and a modest grey market premium. While the first-day subscription levels reflect a measured start, particularly in institutional categories, analysts believe that the company’s strong financial track record, diversified business model, and favorable sector outlook make it an attractive long-term investment. With consistent performance in FY25, a reasonable valuation compared with peers, and the entire issue comprising fresh shares, the IPO is being widely recommended by brokerages as a subscription-worthy opportunity.
The IPO closes on September 25, and all eyes will now be on final subscription figures and subsequent listing performance. For investors seeking exposure to India’s expanding financial services sector, the Anand Rathi IPO offers both stability through its legacy and growth potential through its strategic positioning in equity markets.
