India’s leading non-banking wealth solutions firm plans to raise ₹660 crore from its public issue and it has fixed price band of the issue at ₹530 to ₹550 per equity share.
Market observers went on to add that rise in GMP despite weak bias at Indian stock market augurs well about the public issue.
As Anand Rathi Wealth IPO GMP today is ₹130, this means grey market is expecting this public issue to list at ₹680 , which is more than 20 per cent from the price band of ₹530 to ₹550 per equity share.
However, stock market experts said that GMP is not an ideal criteria for strength or weakness of an IPO.
On Anand Rathi IPO review; Ravi Singh, Head of Research & Vice President at ShareIndia said, “India’s Banking and Financial Service sector is offering tremendous growth opportunities due to the increasing retail participation in the capital market-linked businesses.
Abhay Doshi said that on the financial front, the company has posted exceptional growth in 5 months’ period ending August, 21 while the performance in last 3 fiscals looked steady.
Moreover, the performance of such companies is in sync to overall market’s performance which is somewhat cyclical in nature.