Can you give me some quick details about the forthcoming Anand Rathi Wealth IPO?

Here is what you need to know about the Anand Rathi Wealth IPO.

· Anand Rathi Wealth IPO will open on 02-Dec and close for subscription on 06-Dec due to a couple of holidays coming in between.

· The IPO price has been fixed in the band of Rs.530 to Rs.550, but the Rs.173 crore anchor placement on 01-Dec happened at the upper end of the price band at Rs.550.

· The IPO is entirely an offer for sale by the promoters and early investors who will offer a total of 1.20 crore shares in total as part of the OFS.

· Since there is no fresh issue component, there will be no fresh funds coming in the company and there only be a change of ownership.

· The total issue size is worth Rs.660 crore and pegs the valuation of Anand Rathi Wealth at around Rs.2,989 crore of market capitalization.

· Investors can bid for minimum 27 shares with retail upper limit of 13 lots, translating into a maximum retail application of 351 shares.

· Anand Rathi Wealth has been making profits in the last 3 years, although the profits fell in FY21 due to the impact of COVID-19.

· Anand Rathi had over 6,500 clients and handles over Rs.30,000 crore as assets under management and advice.