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Home » business » Angel Broking IPO opens for subscription on September 22: Should you invest?

Angel Broking IPO opens for subscription on September 22: Should you invest?

Angel Broking is one of the leading players among the low-cost brokerages in India.

By Newsd
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Angel Broking IPO opens for subscription on September 22: Should you invest?

Angel Broking, one of the largest retail broking houses in India, will open its maiden public issue for subscription on September 22. The brokerage firm has fixed the price band of the share sale at Rs 305-Rs 306 per share. The shares will be listed on both the benchmark indices, BSE and NSE, on October 5.

It will raise Rs 600 crore through the book-building issue (at the higher end of the price band). The company will use the fresh issue proceeds for its working capital requirements and general corporate purposes.

The public offer will close on September 24. Equity shares are proposed to be listed on BSE as well as National Stock Exchange.

Should you subscribe to angel broking IPO?

“Angel Broking can use technology to cut down on costs which gives it an edge against traditional brokers. It has witnessed consistent growth in customer base helping it command a market share of 6.3 percent, making it the fourth largest broker in terms of active clients. The pandemic has been a boon for the broking business as the number of retail investors has increased substantially,” Nirali Shah, Senior Research Analyst at Samco Securities told Moneycontrol.

According to CRISIL Report, the company is one of the largest retail broking houses in India in terms of active clients on NSE as of June 2020. It is a technology-led financial services company providing broking and advisory services, margin funding, loans against shares (through one of the subsidiaries AFPL), and financial product distribution to clients under the brand Angel Broking.

Angel Broking is one of the leading players among the low-cost brokerages in India. It also has a strong management team with more than two decades of experience.

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