Angel Broking IPO subscribed 3.9 times for final day
Published On: Thursday, September 24, 2020 | By: Team KnowMyStock
The initial public offer of Angel Broking has been subscribed 3.9 times on September 24, the final day of bidding, backed by retail investors. The Rs 600-crore initial public offering of Angel Broking was subscribed nearly 2 times on the National Stock Exchange (NSE) and BSE on Wednesday, the last day for bidding. The IPO has received bids for 2.43 crore equity shares against an offer size of 1.37 crore equity shares, the data available on exchanges showed. The offer received a bumper response from retail investors who have subscribed the issue 3.4 times so far on Day 3 of the issue. However, the IPO failed to get any subscription from Qualified Institutional Buyers (QIB). The IPO consists of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoters and investors. Angel Broking is one of the largest independent full-service retail broking house in India which was incorporated in 1996 in terms of active clients.
YES Securities said the brokerage has significantly outperformed the industry in terms of client additions, with the share in incremental dematerialisation accounts rising to 14.7 per cent in June quarter from 4.2 per cent in FY18. Anand Rathi said: "The company’s emphasis on providing clients with services through technological platforms has enabled it to rationalise the cost incurred and offer simplified and competitive pricing to clients along with value-added services."
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