Angel Broking’s Rs 600-cr IPO to open on Sept 22; price band set at Rs 305-306

NEW DELHI, Sept 18: Angel Broking on Friday said it will launch its initial public offering (IPO) on September 22 to raise an estimated Rs 600 crore.
The company has fixed a price band of Rs 305-306 per share for its IPO, Angel Broking said in a virtual press conference.
The initial share-sale will be open for public subscription on September 22 and close on September 24, while the bidding for anchor investors will open on September 21.
Angel Broking is aiming to raise Rs 600 crore through the IPO, which comprises fresh issuance of shares worth Rs 300 crore and offer for sale of Rs 300 crore by promoters and other shareholders.
International Finance Corporation will sell shares to the tune of Rs 120 crore in the offer for sale.
Proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes.
Angel Broking, a leading full-service retail broking house in the country, has presence across 1,800 cities and towns through a network of sub-brokers and over 110 branches.
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book-running lead managers to the issue. The equity shares are proposed to be listed on both NSE and BSE. (PTI)