IPO Update : Angel Broking files DRHP

Angel Broking Limited, a leading broking house has filed a Draft Red Herring Prospectus (DRHP) with SEBI.

The company has a network of sub-brokers with over 110 branches across 1,800 cities and towns. Angel Broking managed Rs. 113,023.06 million of client assets and had over 1.11 million active broking accounts, as on June 30, 2018.

The Initial Public Offer (IPO) comprises of equity shares of face value of Rs. 10 each of Angel Broking Limited aggregating up to Rs. 6,000.00 million. The IPO includes fresh issue aggregating up to Rs. 3,000.00 million and an offer for sale aggregating up to Rs. 208.35 million by Ashok D. Thakkar and equity shares  aggregating up to Rs. 31.25 million by Sunita A. Magnani, equity shares aggregating up to Rs. 1,200.02 million by IFC and equity shares aggregating up to Rs. 1,560.38 million by the individual selling shareholders  aggregating up to Rs. 3,000.00 million.The proceeds from the net issue will be utilized towards meeting the working capital requirements (Rs. 2,300 million) and for general corporate purposes. 

ICICI Securities Limited, Edelweiss Financial Services Limited and SBI Capital Markets Limited are the book running lead managers to the issue. The equity shares will be listed on BSE and NSE.