Anand Rathi Share IPO will open for subscription on September 23, 2025, and close on September 25, 2025. Incorporated in 1991, Anand Rathi Share and Stock Brokers Limited is a full-service broking company and a part of the Anand Rathi group, which operates across diverse segments of financial services.
In this blog, we’ll cover all the details about the Anand Rathi Share and Stock Brokers IPO, including issue proceeds, financial performance, peer comparison, and risk factors.
The key pointers for the Anand Rathi Share IPO dates are:
- Bidding Opening Date: September 23, 2025
- Bidding Closing Date: September 25, 2025
- Allotment Date: September 26, 2025
- Initiation of Refunds (in case of less or no allotment): September 29, 2025
- Shares Credited to Your Demat Account: September 29, 2025
- IPO Listing Date: September 30, 2025
- Listing on Exchange: BSE and NSE
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- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
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Anand Rathi Share IPO valuation, as denoted by the market capitalisation, stood at ₹2,596.18 crores. Here are the essential details:
- Anand Rathi Share IPO Price Band: ₹393 to ₹414 per share
- Lot Size: 36 Shares
- Total Issue Size and Amount: 1.79 crore shares (aggregating up to ₹745 crores)
- Fresh Issue Size and Amount: 1.79 crore shares (aggregating up to ₹745 crores)
The net proceeds from the Anand Rathi Share IPO are proposed to be utilised for the following purposes:
- Funding long-term working capital requirements of the Company: A significant portion of the net proceeds, estimated at ₹550 crores, will be directed towards strengthening the company’s working capital base.
- General corporate purposes: The remaining portion of the proceeds will be utilised to cover various corporate needs, which may include strategic business initiatives, brand development, administrative expenses, and other requirements essential for the Company’s overall growth and long-term sustainability.
Anand Rathi Share IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Net Issue
- For NIIs: Not less than 15% of the Net Issue
- For Retail Investors: Not less than 35% of the Net Issue
Anand Rathi Share IPO lot size is 36 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 36 | ₹14,904 |
| S-HNI (Min) | 14 | 504 | ₹2,08,656 |
| B-HNI (Min) | 68 | 2,448 | ₹10,13,472 |
Anand Nandkishore Rathi, Pradeep Navratan Gupta, Priti Pradeep Gupta, and Anand Rathi Financial Services Limited are the promoters of the company.
Incorporated in 1991, Anand Rathi Share and Stock Brokers Limited is a full-service broking company that belongs to the Anand Rathi Group, which is engaged in a wide range of financial services.
The company offers broking, margin trading, and financial product distribution under the ‘Anand Rathi’ brand, giving clients access to investment opportunities in equity, derivatives, commodities, and currency markets.
By March 31, 2025, most of its active clients, nearly 84%, were above the age of 30, showing a strong base of experienced investors. With over three decades of market presence, the company has positioned itself well for continued growth. Its network includes 90 branches and 1,125 authorised agents spread across 290 cities, along with digital platforms that reach clients in Tier 1, Tier 2, and Tier 3 cities.
The company serves a broad mix of customers, including retail investors, high-net-worth and ultra-high-net-worth individuals, and institutions. It offers margin trading facilities that allow clients to use eligible collateral to take delivery in equity cash trades, based on exchange margin requirements.
Apart from this, it also distributes investment products such as mutual funds, alternative investment funds (AIFs), fixed deposits, bonds, and portfolio management services through relationship managers and digital channels. As of March 31, 2025, the workforce included 2,082 permanent employees.
Key Strengths
Anand Rathi Share has several competitive strengths. It records the highest average revenue per client among peers and uses its margin trading facility business strategically to enhance this figure. Being a full-service brokerage house, it generates diversified revenue across different segments.
With its pan-India reach and robust digital capabilities, it is able to attract and serve a broad client base. The brand carries a legacy of more than 30 years, backed by experienced promoters and a strong management team, with a proven track record of financial performance and steady growth.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Anand Rathi Share IPO key financials and operating metrics for different periods are as follows:
| Particulars (in ₹ Cr) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 845.70 | 681.79 | 24% |
| Profit After Tax (PAT) | 103.61 | 77.29 | 34% |
| EBITDA | 311.27 | 230.58 | 35% |
| AUM | 6,459.83 | 4,904.59 | 32% |
| ARPC (in ₹) | 29,347 | 30,922 | -5% |
| Total Number of Clients (No.) | 8,86,644 | 7,58,214 | 1,28,430 |
- Revenue Growth: The company’s operating revenue grew by 24%, rising from ₹681.79 crore in FY24 to ₹845.70 crore in FY25, supported by higher activity across equity, derivatives, and financial product distribution.
- Profitability: PAT recorded a strong 34% increase, moving up from ₹77.29 crore in FY24 to ₹103.61 crore in FY25, reflecting better margins and operating performance.
- EBITDA Performance: EBITDA expanded by 35%, from ₹230.58 crore in FY24 to ₹311.27 crore in FY25, driven by strong growth in broking and margin trading services.
- AUM Growth: Assets Under Management (AUM) rose 32%, from ₹4,904.59 crore in FY24 to ₹6,459.83 crore in FY25, reflecting strong traction in client investments and growing trust in the company’s advisory services.
- ARPC Trend: Average Revenue Per Client (ARPC) declined by 5%, from ₹30,922 in FY24 to ₹29,347 in FY25, which may be due to faster growth in the client base, which brought in more retail clients with smaller ticket sizes.
- Client Base Expansion: The company added 1,28,430 new clients during FY25, taking the total count to 8,86,644, highlighting robust customer acquisition and deeper market penetration.
Here’s the peer comparison table for Anand Rathi Share IPO with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Anand Rathi Share and Stock Brokers Limited | 23.36 | 17.87 | 23.12 |
| Motilal Oswal Financial Services Limited | 41.83 | 20.91 | 25.21 |
| IIFL Capital Services Limited | 23.06 | 13.49 | 33.17 |
| Geojit Financial Services Limited | 6.18 | 11.53 | 15.49 |
| Angel One Limited | 130.05 | 17.42 | 7.78 |
- EPS: Anand Rathi’s EPS of ₹23.36 is similar to IIFL Capital Services (₹23.06), higher than Geojit (₹6.18), but much lower than Motilal Oswal (₹41.83) and Angel One (₹130.05).
- P/E Ratio: With a P/E of 17.87, Anand Rathi trades at a higher valuation than Geojit (11.53) and IIFL Capital (13.49), but slightly below Angel One (17.42) and Motilal Oswal (20.91).
- RoNW: Anand Rathi’s RoNW at 23.12% is healthy, ahead of Geojit (15.49%) and Angel One (7.78%), though lower than Motilal Oswal (25.21%) and IIFL Capital (33.17%).
Anand Rathi Share IPO GMP is ₹35 as of September 20, 2025 (at 14:56). It is expected to list at an 8.45% gain at a price of ₹449. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Anand Rathi Share IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- NCD Compliance Issue: Private placement of NCDs may be viewed as exceeding the 200-investor limit under the Companies Act. The matter is under adjudication, and penalties remain uncertain.
- SEBI Notice on Eligibility: SEBI has sought compliance with the ‘fit and proper’ criteria. Any adverse order may impact operations.
- Cyber Security Show Cause: SEBI has issued a notice relating to cyber security and technical glitches. An unfavorable outcome could affect reputation and financial condition.
- Commodity Broker License Rejection: Anand Rathi Commodities Limited’s (ARCL) application for a commodity derivatives broker license was rejected, with a temporary restriction on reapplying. This may affect brand perception.
- Money Laundering Proceedings: ARCL and a promoter are facing proceedings under the PMLA. Any adverse decision could materially impact the group’s reputation.
- Revenue Dependence: A significant share of revenue comes from broking and MTF segments. Any slowdown in these businesses could affect financial performance.
For all the insights on Anand Rathi Share IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Anand Rathi Share and Stock Brokers IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
The IPO will open on September 23, 2025, and close on September 25, 2025. Allotment is expected on September 26, 2025, and the tentative listing date is September 30, 2025, on both BSE and NSE.
The IPO price band is fixed at ₹393 to ₹414 per share, with a lot size of 36 shares. Retail investors can apply with a minimum investment amount of ₹14,904.
The IPO consists of 1.79 crore shares, aggregating up to ₹745 crores. It is a completely fresh issue IPO.
4. How will the IPO proceeds be utilised?
The net proceeds will primarily be used for long-term working capital requirements and for general corporate purposes, such as strategic initiatives, brand building, and operational needs.
References:
https://www.nuvama.com/wp-content/uploads/2025/09/September-17-2025-Anand-Rathi-Share-and-Stock-Brokers-Limited-%E2%80%93-RHP.pdf
https://www.investorgain.com/gmp/anand-rathi-stock-brokers-ipo-gmp/1437/
Author: All Content is verified by SMC Global Securities.
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- 20 Lac+ unique clients
- 33+ Years of Serving
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