In 2025, India’s IPO market continues to attract significant investor interest, with niche financial services firms tapping the capital markets. Anand Rathi Share & Stock Brokers Limited is among these, providing investors an opportunity to participate in the growth of a full-service brokerage house with decades of experience and diversified offerings. The IPO opens on September 23, 2025.
About Anand Rathi Share & Stock Brokers Ltd.
Incorporated in 1991, Anand Rathi Share & Stock Brokers Limited is a full-service brokerage firm, part of the Anand Rathi Group, offering services across equity, derivatives, commodities, and currency markets. The company provides:
- Broking Services: Retail, HNI, and institutional clients through branches, authorised agents, and digital platforms.
- Margin Trading Facility (MTF): Allows clients to leverage eligible collateral for equity cash delivery trades.
- Distribution of Financial Products: Mutual funds, AIFs, FDs, bonds, and portfolio management services via relationship managers and digital platforms.
As of March 31, 2025, the company operates 90 branches and 1,125 authorised agents across 290 cities, serving clients in Tier-1, Tier-2, and Tier-3 locations. The workforce comprises 2,082 permanent employees.
Competitive Strengths:
- Highest ARPC among peers
- Strategic use of MTF to drive higher ARPC
- Pan-India presence with strong digital capabilities
- Established brand with over three decades of legacy
- Experienced promoters and professional management team
- Consistent financial performance and growth
Anand Rathi Share IPO Details
The Anand Rathi Share IPO is a book-building issue of ₹745 crore, entirely a fresh issue of 1.80 crore shares. The IPO will list on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹5 per share |
| Issue Price Band | ₹393 – ₹414 per share |
| Lot Size | 36 shares |
| Total Issue Size | 1.80 crore shares (₹745 Cr) |
| Employee Discount | ₹25 per share |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 4.47 crore shares |
| Shareholding Post-Issue | 6.27 crore shares |
Investor Category Reservation:
- QIB: Not more than 50% of the net issue
- Retail: Not less than 35% of the net issue
- NII: Not less than 15% of the net issue
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 36 | ₹14,904 |
| Retail (Max) | 13 | 468 | ₹1,93,752 |
| S-HNI (Min) | 14 | 504 | ₹2,08,656 |
| S-HNI (Max) | 67 | 2,412 | ₹9,98,568 |
| B-HNI (Min) | 68 | 2,448 | ₹10,13,472 |
Promoter Holding:
The company’s promoters are Anand Nandkishore Rathi, Pradeep Navratan Gupta, Priti Pradeep Gupta, and Anand Rathi Financial Services Limited.
- Pre-IPO: 98.06%
- Post-IPO: 69.90%
Book Running Lead Manager: Nuvama Wealth Management Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Anand Rathi Share & Stock Brokers Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 3,365.00 | 2,585.10 | 1,628.78 |
| Total Income | 847.00 | 683.26 | 468.70 |
| Profit After Tax | 103.61 | 77.29 | 37.75 |
| EBITDA | 311.27 | 230.58 | 115.07 |
| Net Worth | 503.76 | 392.66 | 265.23 |
| Reserves & Surplus | 481.58 | 370.48 | 245.07 |
| Total Borrowing | 905.57 | 879.24 | 423.00 |
Key Performance Indicators (FY2025):
- Market Cap: ₹2,596.18 Cr
- ROE: 23.12%
- ROCE: 21.32%
- Debt/Equity: 1.80
- RoNW: 23.12%
- PAT Margin: 12.23%
- EBITDA Margin: 36.81%
- Price to Book Value: 4.68
- EPS Pre-IPO: ₹23.17 | Post-IPO: ₹16.52
- P/E Pre-IPO: 17.87x | Post-IPO: 25.06x
Objects of the Issue
The IPO proceeds are proposed to be used as follows:
| Object | Amount (₹ Crore) |
| Funding long-term working capital requirements | 550.00 |
| General corporate purposes | Balance |
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Conclusion
Anand Rathi Share & Stock Brokers Ltd. presents an investment opportunity in a leading full-service brokerage house with strong pan-India presence and digital capabilities. Its diversified revenue streams, consistent financial growth, and experienced management make it a compelling choice. Investors should consider risks such as market volatility, competition in the brokerage space, and reliance on market trading volumes.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
