Anand Rathi IPO Listing Preview: GMP, Subscription & What to Watch on Day One

Anand Rathi Share, the broking arm of the Anand Rathi group, completed its IPO subscription with a sizzling 20.66× demand reflecting robust investor interest. The issue, which closed on September 25, 2025, is now under scrutiny for allotment and listing, with the grey market reflecting a healthy premium according to a few reports.

Anand Rathi IPO will list on BSE and NSE on Sep 30, 2025.

IPO Highlights

• Issue type: Fresh issue, ~₹745 crore

• Price band: ₹393–₹414 per share

• Anand Rathi GMP (Grey Market Premium) : ~₹39-₹40 (≈ 9.42% above issue price), implying listing around ₹453

• Subscription status (overall): 20.66×

  • QIBs: 43.8×

  • NIIs: 28.6×

  • Retail: 4.78×

• Shares offered: 1.80 crore

• Bids received: 27.6 crore

• Allotment date: Sept 26, 2025

• Listing date: Sept 30, 2025 (NSE & BSE)

• Use of proceeds: ~₹550 crore for working capital, remainder for general corporate purposes

Business Snapshot

• Full-service brokerage with broking, margin trading, and financial product distribution.

• Over 30 years of presence in Indian capital markets.

• FY25 performance:

  • Revenue: ₹845.7 crore

  • Net profit: ₹103.6 crore

What to Watch Out for in Anand Rathi IPO

Listing Day Performance:

Grey market premium of ~₹42 is suggesting a 9–10% upside. But some over-subscribed IPOs experience extreme profit-booking on Day 1. Monitor if the stock holds up above issue price after listing.

• Retail vs. Institutional Momentum:

QIB demand was particularly robust (43.8×), whereas retail was at ~4.8×. Consistent liquidity and calmness will depend upon whether retail continues to accumulate post-listing or prefers to sell for instant gains.

• Business Growth Drivers:

Anand Rathi will be investing ~₹550 crore in working capital. How this infusion affects margin trading facility (MTF) growth, retail broking growth, and acquisition of new clients will be worth monitoring in the subsequent 2–3 quarters.

• Competition & Market Cyclicality:

The broking sector is highly competitive with players like Zerodha, Angel One, and IIFL Securities. Moreover, revenues are tied to trading volumes and equity market sentiment — a market downturn can dent earnings sharply.

• Regulatory Landscape:

SEBI’s evolving stance on margin requirements, investor protection, and brokerage fees can directly impact profitability. Any new circulars capping charges or tightening norms could weigh on valuations.

• Financial Performance Post-Listing:

With FY25 revenue standing at ₹845.7 crore and profit at ₹103.6 crore, the valuation of the stock will be compared to listed peers. Return ratios and quarterly earnings growth will dictate the tone for long-term investor appetite.

How to Check Anand Rathi IPO Allotment Status?

To check the Anand Rathi IPO allotment status, follow these steps:

1. Visit the official BSE allotment page here.

2. Select ‘Equity’ as the issue type.

3. Choose ‘Anand Rathi Share’ from the list of issues.

4. Enter your Application Number or PAN.

5. Complete the Captcha and click ‘Search’ to view your allotment status.

1. Visit the official NSE IPO allotment status page here.

2. On the page, choose the “Equity & SME IPO bid details” tab and choose ARSSBL in the symbol dropdown menu.

3. Enter your IPO application number or PAN Number below.

4. Click on the “Submit” button to submit your details.

5. Your IPO allotment status will be displayed.

In brief:

The IPO’s strong subscription is a vote of confidence, but the true test lies in maintaining growth in a cyclical, highly regulated business. Listing day might be buoyant, but medium-term performance will depend on implementation and the health of India’s capital markets.