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Anand Rathi Share & Stock Brokers Limited
20.43xsubscribed

Anand Rathi Share & Stock Brokers Limited

Finance - Stock Broking
listed
₹14,148Min. investment

Anand Rathi Share & Stock Brokers Limited IPO Details

SectorFinance - Stock Broking
Price range₹393 – ₹414
IPO type
Regular
Lot size36 shares
Issue size₹745Cr
Red Herring Prospectus
Read
Market cap
₹2,596CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹845.7CrHigher than sector avg
Growth rate3Y CAGR
34.45%Higher than sector avg

Anand Rathi Share & Stock Brokers Limited Subscription Status

Date
QIB
NII
Retail
Total
23-Sep-25
0.01 times (X)
0.53 times (X)
0.59 times (X)
0.41 times (X)
24-Sep-25
0.03X
1.85X
1.44X
1.11X
25-Sep-25
28.62X
28.03X
4.5X
20.43X

As on 23-Sep-25, 5:30 PM

Anand Rathi Share & Stock Brokers Limited Timeline

  1. Pre-apply
    22 Sep 2025
  2. Bid start
    23 Sep 2025
  3. Bid end
    25 Sep 2025
  4. Allotment
    26 Sep 2025
  5. Release of funds
    29 Sep 2025
  6. Demat transfer
    29 Sep 2025
  7. Listing
    30 Sep 2025

About Anand Rathi Share & Stock Brokers Limited

Anand Rathi Share & Stock Brokers Limited is a full-service brokerage house in India and part of the larger Anand Rathi Group, which offers a diverse range of financial services through its group companies. The company provides broking services, margin trading facility, and distribution of financial products spread across a wide asset classes under the brand 'Anand Rathi' to clients across retail, HNI, Ultra-HNI, and institutions.
The company offers its services in three main segments - Broking services, Margin Trading Facility (MTF), and distribution of investment products. The broking segment contributed 60.34% (₹510.27 crore), followed by the non-broking segment at 22.77% (₹192.59 crore), and the rest from other operating income at 16.89% (₹142.84 crore) in FY25. In the broking segment, the equity cash segment is the largest contributor, making 54.33% of brokerage revenue, followed by the futures and options segment at 41.16% in FY25.
The company’s multi-channel presence through 90 branches across 54 cities, 1,125 authorised persons across 290 cities and online & digital platforms enables it to service clients across Tier 1, Tier 2, Tier 3, and other cities throughout India. It has a strong client vintage profile with 130,502 active clients (58.91%) having a relationship of more than 3 years and 99,422 active clients (44.88%) having a relationship of more than 5 years as of March 2025. This long client relationship is reflected in the high ARPC of ₹29,347 in FY25 from ₹26,012 in FY23, which was the highest among the peers as per the CARE report.
The company’s AUM, which includes mutual funds, portfolio management services, and alternative investment funds, increased at a CAGR of 43.04% during FY23 to FY25, while assets under custody increased more sharply at a CAGR of 67.05% reaching to ₹81,368.48 crore during the same period. Its brokerage income from digital platforms increased from 30.56% (₹83.76 crore) to 36.65% (₹157.36 crore) in FY25 due to significant investments in digital capabilities, including proprietary digital platforms like 'Trade Mobi', 'AR Invest', 'MF Client', and 'Trade Xpress' applications.
The broking industry itself is on a high-growth path, valued at ₹520 billion in FY25, and expected to reach ~₹810 billion at a CAGR of 16-18% by FY28. This growth is supported by rising financial literacy, digital platforms, and deeper penetration into Tier-2/3 cities, where over 60% of investments are from smaller cities. Retail participation has also grown. Individual investors accounted for 34.4% of cash market turnover and 26.6%+ in equity derivatives as of June 2025. NSE active clients grew at a CAGR of 32.8% between FY20 to Q1FY26, reaching 4.79 crore, providing a growing customer base for brokers. The primary market boom has been another driver; IPO issues rose from 60 in FY20 to 320 in FY25, with capital raised through IPOs surging from ₹21,300 crores in FY20 to ₹1,72,300 crore in FY25.
The MTF represents a key driver of growth for the company. Its MTF book grew at a CAGR of 34.91% during FY23 to FY25, reaching ₹685.51 crore from ₹376.64 crore. Clients using the margin trading facility generate significantly higher ARPC compared to those not using it. As of March 31, 2025, its MTF book was distributed across 7,162 clients with varying exposure levels, from small amounts up to ₹0.1 crore (20.89%) to large exposures above ₹5 crore (2.95%). 54.35% of active clients (120,385) are from Tier 3 and other cities, 27.09% (59,997) are from Tier 1 cities, and the rest 18.44% (40,856) are from Tier 2 cities as of March 31, 2025. This distribution has remained relatively stable over the past 3 years, showing the company's strong penetration in smaller cities, which will benefit the company from industry trends in these regions.
Now, Anand Rathi Share & Stock Brokers Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹745 crore. Its shares will be listed on the NSE and BSE.

Checklist

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Strength and Weakness

Highest ARPC in peer group

The company had 58.91% active clients vintage of more than 3 years and 44.88% active clients vintage of 5+ years as of March 2025. Also, 84.36% of clients are above 30 years of age with a higher investible surplus. These translate into a higher ARPC of ₹29,347 in FY25 and long-term growth potential.

Strategic MTF business

The company’s MTF book grew at a CAGR of 34.91% over FY23-FY25, reaching ₹695.51 crore in FY25 and maintained Zero NPAs on MTF operations during the period. Clients using MTF facilities contributed a higher ARPC of ₹197,490 in FY25 as compared to non-MTF clients.

Diversified revenue streams

In FY25, the company derived 60.34% of revenue from broking and 22.77% from non-broking (MTF and distribution of investment products), while making up the rest from other income from operations. The company’s AUD (mutual funds, PMS, and AIFs) has 2x from ₹3,157.20 crore in FY23 to ₹6,459.83 crore in FY25. This diversification makes revenue more resilient against market volatility.

Wide pan-India reach

The company had 90 branches across 54 cities, 1,125 authorised persons across 290 cities as of March 2025. More than 54.35% of active clients are based in Tier-2, Tier-3 cities and rural markets. Trades executed via digital platforms contributed 36.65% of brokerage income in FY25, which was 30.56% in FY23, showing digital platforms are also scaling well.

Objectives of Anand Rathi Share And Stock Brokers IPO

Working capital
73.83%
The company will use up to ₹550 crore for long-term working capital needs.
General corporate purposes
26.20%
Part of the net IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹845.7Cr34.45%₹103.61Cr₹2,596Cr17.721.80
This sector (avg.)₹271.75Cr-0.01%₹62.39Cr₹2,820.73Cr39.906.15
₹8,339.05Cr---₹2,508.18Cr₹45,298.24Cr22.701.34
₹6,228.48Cr---₹1,941.45Cr₹29,148.63Cr12.963.89
₹909.84Cr---₹162.71Cr₹17,054.65Cr83.370.45

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Anand Rathi Share & Stock Brokers Limited Contact Details

Company NameAnand Rathi Share & Stock Brokers Limited

How to apply for Anand Rathi Share & Stock Brokers Limited?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Anand Rathi Share And Stock Brokers IPO FAQs

Investors can apply for the Anand Rathi Share & Stock Brokers Limited through their Demat account via the stock exchange or through their broker.
The issue size of the Anand Rathi Share & Stock Brokers Limited is 745 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Anand Rathi Share & Stock Brokers Limited will be open between 2025-09-23 and 2025-09-25.
Anand Rathi Share & Stock Brokers Limited allotment date is 2025-09-29. For Anand Rathi Share & Stock Brokers Limited allotment status check, you can visit the website of the registrar of the IPO.
For Anand Rathi Share & Stock Brokers Limited, the IPO registrar is MUFG Intime India Private Limited. You can check Anand Rathi Share & Stock Brokers Limited allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Anand Rathi Share & Stock Brokers Limited shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Anand Rathi Share & Stock Brokers Limited lot size is 36 and minimum order quantity is 36.
Anand Rathi Share & Stock Brokers Limited has set the price band for its IPO at 414 per equity share with a face value of 5.