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Anand Rathi Wealth debuts at 9% premium over its issue price

 

Post listing, the stock has moved higher by up to Rs 614.95, up 12 per cent against the issue price of Rs 550 per share on the BSE

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Anand Rathi Wealth (ARWL), one of the leading non-bank wealth solutions firms in India, has made a decent stock market debut, with its equity shares listed at Rs 602.05, a 9 per cent premium over its issue price of Rs 550 per share on the BSE. The stock opened at Rs 600 on the National Stock Exchange (NSE).

Post listing, the stock moved higher to Rs 614.95, up 12 per cent versus the issue price. At 10:01 am; it was traded at Rs 611 on the BSE. A combined around 4 million equity shares changed hands on the NSE and BSE in early trades.Commenting on the market deubut, “We expect a sharp decline in the stock post-listing. My advice to investors is to book listing gain profit and re-enter at around Rs 420 per share levels,” said Ravi Singhal, vice-chairman at GCL Securities.

The initial public offering (IPO) of ARWL had received good response from the investors, with issue subscribed 9.78 times. The reserved portion for qualified institutional buyers was subscribed 2.5 times, and that of non-institutional investors saw 25.42 times subscription, while retail investors allotted quota being subscribed 7.76 times, data shows…Read More

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