Anand Rathi Share & Stock Brokers IPO
Anand Rathi Share & Stock Brokers IPO — date, price band, lot size & details 2025
Anand Rathi Share & Stock Brokers listed on 30 Sep 2025 at ₹432, 4.3% above the ₹414 issue price.
Anand Rathi Share and Stock Brokers is a full-service brokerage with over 30 years of experience. On 31 March 2025 it operated through 90 branches and 1,125 authorised agents across 290 cities.
Stock price
Anand Rathi Share & Stock Brokers is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 23 Sep 2025
- Close 25 Sep 2025
- Allotment 26 Sep 2025
- Refund/credit 29 Sep 2025
- Listing 30 Sep 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 23 to 25 Sep, 2025 |
|---|---|
| Price Band | ₹393 – ₹414 |
| Face Value | ₹5 |
| Lot Size | 36 Shares |
| Issue Size | ₹745 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Employee Discount | Rs 25.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,904 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 36 shares at the ₹414 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 36 | ₹14,904 |
| Retail (max) | 13 | 468 | ₹1,93,752 |
| S-HNI (min) | 14 | 504 | ₹2,08,656 |
| S-HNI (max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (min) | 68 | 2,448 | ₹10,13,472 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 468.70 crore in FY2023 to Rs 847.00 crore in FY2025.
- 02Profit after tax rose from Rs 37.75 crore in FY2023 to Rs 103.61 crore in FY2025.
- 03The EBITDA margin was 36.81% and return on equity was 23.12%.
- 04The whole Rs 745 crore issue was fresh capital.
- 05The company had 90 branches and 1,125 authorised agents on 31 March 2025.
Risks · 7
- 01Total borrowing of Rs 905.57 crore on 31 March 2025 was far higher than net worth of Rs 503.76 crore.
- 02Debt to equity was 1.80 on the figures at the source.
- 03Broking income depends on market activity, so a fall in trading volumes would hit income of Rs 847.00 crore.
- 04The P/E was 25.06 at the upper band of Rs 414, based on post-issue EPS of Rs 16.52.
- 05Rs 550.00 crore of the Rs 745 crore issue was for working capital.
- 06The PAT margin was 12.23%, and SEBI rule changes for derivatives can affect the income mix.
- 07Promoters held 98.06% before the issue and held 69.9% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Anand Rathi Share & Stock Brokers offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 3,365.00 | 2,585.10 | 1,628.78 |
| Total Income | 847.00 | 683.26 | 468.70 |
| Profit After Tax | 103.61 | 77.29 | 37.75 |
| EBITDA | 311.27 | 230.58 | 115.07 |
| NET Worth | 503.76 | 392.66 | 265.23 |
| Reserves and Surplus | 481.58 | 370.48 | 245.07 |
| Total Borrowing | 905.57 | 879.24 | 423.00 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Anand Rathi Share & Stock Brokers RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Anand Rathi Share & Stock Brokers IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹23.17 | ₹16.52 |
| P/E Ratio (x) | 17.87 | 25.06 |
| Market Cap at Offer Price (₹ Cr) | ₹1,851.30 | ₹2,596.52 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹414 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹745.00 Cr of the issue is earmarked to named objects.
Anand Rathi Share & Stock Brokers IPO Anchor Investors
15 anchor investors across 15 fund houses committed ₹220.48 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Clients include retail investors, high net worth individuals, ultra-high net worth individuals and institutions, across equity, derivatives, commodity and currency markets.
On 31 March 2025 it operated through 90 branches and 1,125 authorised agents across 290 cities, as well as online platforms. On that date 84.36% of active clients were over 30 years old.
The IPO was a fresh issue of Rs 745 crore. Rs 550.00 crore of it was planned for long-term working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Anand Rathi Share & Stock Brokers IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Nuvama Wealth Management Ltd.
23 issues handledBest listing: Sambhv Steel Tubes (+34.1%). Weakest: Ajax Engineering (-8.4%).
Dam Capital Advisors Ltd
16 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Prasol Chemicals (-9.8%).
Anand Rathi Advisors Ltd
1 issue handled1 of their issues has listed so far, and 1 opened above the issue price (average +14.7%). That is too small a sample to read as a hit rate.
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Anand Rathi Share & Stock Brokers?
The current Grey Market Premium is ₹27, or 7% over the issue price.
What is the Anand Rathi Share & Stock Brokers IPO price band?
₹393 to ₹414, on a face value of ₹5.
When is the allotment?
The basis of allotment is 26 September 2025, with listing on 30 September 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
