Anand Rathi IPO – All You Need to Know About Allotment

The financial markets are abuzz with anticipation as the Anand Rathi IPO prepares to make its debut. With allotment formalized and share credits imminent, investors and market watchers are closely watching to see how it performs on its first day of trading.

Allotment & Share Credit Schedule

On September 26, the allotment for the IPO was finalized. Those lucky enough to receive shares should see them credited to their demat accounts today, September 29. Simultaneously, refunds for the portion of bids that went unallocated are also being processed today. Thus, the final pieces of the issuance puzzle are falling into place just in time for the listing.

Subscription: Strong Institutional Interest, Moderate Retail Demand

The subscription trend reveals that institutional investors drove much of the demand. Qualified Institutional Buyers (QIBs) subscribed to the offering 43.80, while Non-Institutional Investors (NIIs) clocked 28.60. Retail investors, meanwhile, subscribed at 4.78.

These numbers indicate robust confidence from institutional players, even as retail participation remained comparatively more reserved. On the IPO’s third day, subscription levels had already climbed to 20.66 across investor segments.

The IPO’s allocation structure reserved up to 50% of shares for QIBs, 15% for NIIs, and 35% for retail investors.

Pricing Bracket & Expected Listing

Anand Rathi set its price band at ₹393 to ₹414 per share (face value of ₹5).

Meanwhile, the grey market premium (GMP) — a price indicator in informal markets — is around ₹30. This suggests market sentiment is leaning, with some expecting the stock could list around ₹444, implying a nearly 7.25% premium over the upper band price.

That said, the GMP has ranged from ₹0 to ₹70 over recent sessions, hinting that investor expectations are fluid and subject to change.

Use of Funds & Issue Structure

Importantly, this IPO is a pure new issuance — there’s no Offer For Sale (OFS) component. Every rupee raised is meant to fuel Anand Rathi’s growth ambitions. In total, the company plans to raise ₹550 crore. These funds are earmarked for long-term working capital needs and general corporate purposes.

Prominent entities like Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors are acting as lead managers for this IPO.

What to Watch on Listing Day

Opening price vs. GMP estimate: Will the stock list near ₹444 or diverge?
Volatility in early trade: IPOs tend to swing fiercely in opening hours.
Investor sentiment: Strong institutional backing is a good sign, but retail appetite may define sustained momentum.
Longer-term fundamentals: Beyond the debut, the company’s earnings, growth plan, and competitive positioning will determine its staying power.