Anand Rathi Financial Services, a leading Mumbai-based broking firm, is set to go public with an IPO size expected to be between ₹800-₹1,000 crore, according to sources familiar with the matter. The firm, founded in 1994, offers a wide range of financial services, including wealth management, investment banking, corporate finance, and brokerage services to institutions, high-net-worth individuals (HNIs), and corporations.
This IPO marks the first major brokerage firm to go public since Angel One’s ₹600 crore IPO in 2020. The offering will consist of both primary and secondary share sales, with some existing investors planning to liquidate part of their holdings, while the firm will raise fresh capital to expand its broking business, particularly in technology and lending.
Anand Rathi has a broad presence across India, with over 1,200 locations and select international offices in Dubai. The IPO comes amid a strong performance in Indian stock markets, buoyed by surging domestic capital inflows.
For FY23, the company reported consolidated revenues of ₹1,465.89 crore, up from ₹1,160 crore in the previous year, and a profit of ₹708.56 crore, as per filings with the Registrar of Companies.
