India’s Anand Rathi Wealth files draft papers with Sebi for IPO

Anand Rathi Wealth Ltd has filed a draft red herring prospectus with Securities Exchange Board of India to raise funds via initial public offering.

The IPO consists of a pure offer for sale of 12 million shares by its existing shareholders and promoters.

It consists issue of 9.29 million shares by Anand Rathi Financial Services Ltd (ARFSL), upto 3.75 lakh each by Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Feroze Azeez, upto 90000 shares by Jugal Mantri.

As of March 2021, Anand Rathi holds 12.85% stake in the firm while Pradeep Gupta has 5.48% stake. ARFSL holds 43.12% stake in the company.

Equirus Capital Pvt Ltd, BNP Paribas, IIFL Securities and Anand Rathi are the book running lead managers to the issue.

The proceeds from the Offer for Sale will be received by the Selling Shareholders, and the company will not receive any proceeds from the Offer for Sale.

Anand Rathi Wealth is one of the leading non-bank wealth solutions firms in India and has been ranked amongst the top three non-bank mutual fund distributors in India by gross commission earned in Fiscal 2020.

The firm provides services primarily through its flagship Private Wealth (PW) vertical where it manages  260.58 billion in AuM as on March 2021. PW vertical caters to 6,109 active client families, serviced by a team of 233 RMs.

As of March 2021, its total revenue stood at 279.25 crore against 336.41 crore a year ago. Net profit for the period was at 45.10 crore versus 61.61 crore last year. Total debt stood at 33.36 crore.

This article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.