India's Anand Rathi Wealth jumps 9% in market debut

IIFL Capital Services

14/12/2021 07:18

** Shares of the non-bank wealth solutions firm  ANAA.NS 
climbed 9% in stock market debut 
    ** ANAA opens at 600 rupees from its IPO price of 550
rupees, and valuing it at 24.97 bln rupees ($328.88 mln)
    ** IPO was entirely an offer for sale of shares of up to 12
million from existing shareholders, which were bid for 9.78
times by subscription close last week
    ** Co's profit fell 26.8% YoY to 451 mln rupees for the year
ended March 31, while rev from operations dropped to 2.65 bln
rupees from 3.32 bln rupees a year ago 
    ** It has managed to list on premium though the expectation
was that it might end up listing on a flat note or on a marginal
premium - Ajit Mishra, vice president - research at Religare
Broking
    ** Considering the revival of the economy and a noticeable
interest in the financial market, we are seeing an uptick in the
stock - Mishra 
    ** Equirus Capital, BNP Paribas and IIFL Securities were
among book running lead managers for IPO

($1 = 75.9250 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))