Anand Rathi Share & Stock Brokers Ltd. IPO

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Anand Rathi Share & Stock Brokers Ltd. is an established full-service brokerage firm in India, with over 30 years of experience in providing broking services, margin trading, and distribution of financial products. The company caters to a diverse set of clients, including retail investors, high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNWIs), and institutional clients. It has a strong market presence with a wide range of offerings across asset classes, including equities, derivatives, commodities, and currency markets.

Business Segments and Offerings

1. Broking Services
The company offers comprehensive broking services for various asset classes such as equity, derivatives, commodities, and currency markets. These services are provided through its own branches, Authorized Persons, and online platforms.

2. Margin Trading Facility (MTF)
Anand Rathi provides margin trading, enabling clients to leverage their collaterals for trading in the equity cash delivery segment. The funding is determined by the margin requirements set by the stock exchanges.

3. Distribution of Investment Products
The company distributes third-party financial products, including mutual funds, alternative investment funds (AIFs), structured products, corporate fixed deposits, non-convertible debentures (NCDs), and bonds.

Client Base and Market Presence

As of March 31, 2025, Anand Rathi services over 186,859 active clients, with a strong presence across various age demographics. The company operates through a network of 90 branches in 54 cities and has 1,125 Authorized Persons across 290 cities. It also provides services through online and digital platforms, catering to Tier 1, Tier 2, and Tier 3 cities.

Technological Capabilities

Anand Rathi has enhanced client engagement through digitalization, offering clients seamless trading and investment experiences via proprietary platforms such as ‘Trade Mobi,’ ‘AR Invest,’ ‘MF Client,’ and ‘Trade Xpress.’ These platforms facilitate efficient and convenient access to services.

Competitive Strengths

i)Highest ARPC in Peer Group: Anand Rathi leads in ARPC, driven by client vintage and personalized management.
ii) Strategic Margin Trading Facility: Margin trading enhances ARPC by providing clients with investment leverage
iii) Diversified Revenue Streams: Revenue comes from broking and non-broking services, including financial product distribution.
iv) Pan-India Presence with Digital Capabilities: A wide presence and digital platforms help the company service clients nationwide.
v) Established Brand and Legacy: The company benefits from strong brand recognition within the Anand Rathi Group.

Objects of the Anand Rathi Share & Stock Brokers Ltd. IPO:

Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. Funding long-term working capital requirements (₹ 550 cr) 2. General corporate purposes.

Anand Rathi Share & Stock Brokers Ltd. IPO Details:

Open Date: Sep 23 2025
Close Date: Sep 25 2025
Total Shares: 1,79,95,169
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 745 Cr.
Lot Size: 36 Shares
Issue Price: ₹ 393-414 Per Equity Share
Listing At: NSE,BSE
Listing Date: Sep 30 2025

Promoters And Management:

1. Pradeep Navratan Gupta is the Chairman and Managing Director of the Company. He has been with the Company since 1991 and has 32 years of experience in financial services. Holding a bachelor’s degree in commerce from the University of Rajasthan, he played a key role in setting up the institutional broking and investment services arms of the Company and continues to lead its nationwide branch network and Authorized persons. 2. Roop Kishor Bhootra is a Whole-Time Director of the Company. He joined the Anand Rathi group in 1995 and holds a bachelor’s degree in commerce. He secured an all-India rank of 29 in the final examination of the Institute of Chartered Accountants of India. With 29 years of experience, Roop heads the investment services wing, focusing on strategy, sales, operations, process management, and technology upgrades. 3. Vishal Jugal Kishore Laddha is a Whole-Time Director of the Company, associated with the Anand Rathi group since 1994. A member of the Institute of Chartered Accountants of India since 1996, he has 29 years of experience in the financial services industry. Vishal has been actively involved in the institutional equity segment of the Company.

Financials of Anand Rathi Share & Stock Brokers Ltd. IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 845.69 681.78 467.82
EBITDA (Cr) 311.26 230.5 115
EBITDA Margins 36.81% 33.82% 24.60%
PAT (Cr) 103.6 77.2 37.7
PAT Margins 12.23% 11.31% 8.05%
ROCE 21.32% 21.48% 16.72%
Debt to Equity Ratio(In Times) 1.79 2.23 1.59
Operating Cash Flows (Cr) 691.8 186.9 15.1

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Anand Rathi Share and Stock Brokers Limited 845.69 36.81% 12.23% 21.32% 1.79 2,596.18 25.06
Motilal Oswal Financial Services 8340 55% 30.07% 18.70% 1.32 56,871 20.5
IIFL Capital Services Limited 2520 44% 28.29% 33.30% 0.37 8,949 12.7
Geojit Financial Services Limited 749 38% 22.96% 18.80% 0.13 2158 14.3
Angel One Limited 5239 38% 22.37% 25.80% 0.61 20598 20.7

Registrar of Anand Rathi Share & Stock Brokers Ltd. IPO:

  1. MUFG Intime India Private Limited

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