Angel Broking to tap primary markets with ?600 crore issue on 22 September


Riding on the strong wave of retail investors flocking to stock markets, brokerage firm Angel Broking will open its ?600 crore initial public offering (IPO) on 22 September. The price band of three-day share sale, which will conclude on 24 September has been fixed at ?305-306 apiece.

The initial public offering consists of equity shares of the company aggregating up to ?600 crore which is a mix of fresh issue and offer for sale of ?300 crore each. The OFS consists of ?18.35 crore and ?4.5 core by promoters Ashok D Thakkar and Sunita Magnani while rest ?120 crore and ?157.16 crore are by investors IFC and individual selling shareholders respectively.

ICICI Securities Limited, Edelweiss Financial Services Limited and SBI Capital Markets Limited are the book running lead managers to the offer.

As of June 30, 2020, Angel Broking has dedicated research team of 54 members who cater to quantitative and qualitative research requirements relating to the stock market such as equity fundamentals, technical, derivatives, commodities currencies and mutual funds. It provides investment advisory services to retail clients with customized investment recommendations across various investment avenues such as equities, debt, currency, commodities, derivatives, mutual funds and insurance products.

Angel Broking also provides margin trading facility to clients for leveraging their eligible collaterals by funding their requirements on the cash delivery segment of equities. Such funding is subject to exposure against margins that are mandated by the stock exchanges, with the securities forming a part of the collateral for such funding. It does distribution of third-party financial products such as mutual funds, and health and life insurance products.

News Source:- livemint

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