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.
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.
This article was first published on livemint.com.