The brokerage industry in India is on a growth trajectory, driven by the increasing retail participation and the rise of digital-first platforms. Surfing the trend, Anand Rathi Share and Stock Brokers, a part of the Anand Rathi Group, launched its ₹745 crore IPO on 22 September 2025. The IPO is fully fresh equity with a price band of ₹393–₹414 per share.
Anand Rathi Share demonstrates solid core metrics, with revenue increasing to ₹847 crore in the financial year 2025 from ₹683.26 crore in 2024, and profits rising to ₹103.61 crore from ₹77.29 crore. This mainboard IPO could be a long-term investment opportunity for investors seeking steady growth within the sector.
This blog provides a comprehensive overview of the Anand Rathi Share IPO, including its timeline, price band, allotment, IPO GMP, and other key details that investors need to know.
Anand Rathi ShareLimited IPO Details
Check out the key details of Anand Rathi ShareIPO.
| IPO Open Date | 23 September 2025 |
| Close Date | 25 September 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹393-₹414 per share |
| Issue size | 1,79,95,169 shares |
| Market Lot | 36 shares |
| Sale Type | Fresh Capital |
| Offer for Sale | Not Applicable |
| Fresh Issue | ₹7,450 million |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size (₹ Cr) | ₹7,450 million |
| Reserved for Market Maker | Undisclosed |
| Net Offered to Public | Undisclosed |
| Minimum Investment | ₹14,904 |
| Retail Discount | Undisclosed |
Anand Rathi Share IPO Timeline
Here are the important dates investors need to know about Anand Rathi Share IPO:
| Opening Date | 23 September 2025 |
| Closing Date | 25 September 2025 |
| Tentative Allotment | 26 September 2025 |
| Initiation of Refunds | 29 September 2025 |
| Credit of Shares | 29 September 2025 |
| Tentative Listing Date | 30 September 2025 |
| Cut-off Time for UPI Mandate Confirmation | 25 September 2025 |
Anand Rathi Share IPO Grey Market Premium (GMP Today)
| Date | GMP (₹) | Estimated Listing Price |
| 23 September 2025 | ₹32 | ₹446 |
Anand Rathi Share IPO Reservation
Check out Anand Rathi Share IPO reservation for different categories of investors.
This provides insights into allocation prospects depending on the type of investors..
| Category | Shares Offered | Shares Offered(%) |
| QIB | 88,69,050 | 49.29 |
| NII (HNI) | 26,60,715 | 14.79 |
| Retail | 62,08,335 | 34.50 |
| Employee | 2,57,069 | 1.43 |
| Total | 1,79,95,169 | 100% |
Anand Rathi Share Key Performance Indicator (Figures in %)
Comparing past three years of KPIs of Anand Rathi Share. This highlights profitability and performance of Anand Rathi Share and Stock Brokers Ltd.
| 2025 | 2024 | 2023 | |
| ROE | 23.12 | 23.50 | 15.32 |
| ROCE | 21.32 | 21.48 | 16.72 |
| Debt to Equity Ratio | 1.71 | 2.14 | 1.48 |
| RoNW | 23.12 | 23.50 | 15.32 |
| PAT Margin | 12.23 | 11.31 | 8.05 |
| EBITDA Margin | 36.81 | 33.82 | 24.60 |
Anand Rathi Share IPO Financials (Amount in ₹ )
The following table discloses the revenue, profit, and total assets of the company in the following financial years. The results indicate an escalating growth.
| Highlights | 2025 | 2024 | 2023 |
| Revenue | 8,456.98 | 6,8127.88 | 4,678.26 |
| Total Asset | 33,650.01 | 25,850.99 | 16,287.81 |
| Profit | 1,036.06 | 772.90 | 377.45 |
Anand Rathi Share IPO Lot Size
Investors can calculate their investment based on the minimum and maximum bid quantities depending on the category.
| Application | Lot Size | Shares | Amount(in ₹) |
| Individual investors (Retail) (Min) | 1 | 36 | 14,904 |
| Individual investors (Retail) (Max) | 13 | 468 | 1,93,752 |
| S-HNI (Min) | 14 | 504 | 2,08,656 |
| S-HNI (Max) | 67 | 2,412 | 9,98,568 |
| B-HNI (Min) | 68 | 2,448 | 10,13,472 |
Anand Rathi Share IPO Promoter Holding
Here is a view of promoters’ holding positions before and after the IPO.
| Promoter Holding Pre Issue | 98.06% |
| Promoter Holding Post Issue | 69.90% |
The Promoters of Anand Rathi Share and Stock Broker Limited are: Anand Nandkishore Rathi, Pradeep Navratan Gupta, Priti Pradeep Gupta, and Anand Rathi Financial Services Limited.
Anand Rathi Share IPO Anchor Investors Details
Breakdown of the anchor investors reservation.
| Bid Date | 22 September 2025 |
| Shares Offered | 53,26,086 |
| Anchor Portion Size (In Cr.) | ₹220.50 |
| Anchor lock-in period end date for 50% shares (30 Days) | 26 October 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | 25 December 2025 |
Anand Rathi Share IPO Prospectus
Below are the official documents for Anand Rathi Share IPO filed with SEBI.
About Anand Rathi Share and Stock Brokers Limited
Founded in: 1991
Managing Director: Pradeep Navratan Gupta
Parent Company: Anand Rathi Group
Anand Rathi Share and Stock Brokers Limited, incorporated in 1991, is a well-established full-service brokerage company in India with experience of over three decades. It offers broking services, margin trading facilities, and distribution of financial products across equity, derivatives, commodities, and currency markets, operating under the ‘Anand Rathi’ brand.
The offerings and services categories of the company are:
- Broking Services
- Margin Trading Facility
- Distribution of investment products
The company’s client base includes retail, high-net-worth, ultra-high-net-worth, and institutional investors. The Company offers its services through a network of 90 branches across 54 cities in India, 1,125 Authorised Persons, which are agents approved by the relevant stock exchange, spread across 290 cities in India, and 214 digital platforms.
Objectives of the Anand Rathi Share
| Fund Utilisation | Amount (in ₹ Cr) |
| Funding long-term working capital requirements of our Company | 550.00 |
| General corporate purposes | Undisclosed |
| Gross proceeds from the Issue | 745.00 |
Strengths of Anand Rathi Share and Stock Brokers Ltd.
- Highest Average Revenue per Client (ARPC) in peer analysis: According to the CARE Report, the company recorded the highest ARPC in the list of peer analysis in 2025. In 2025, the company’s ARPC stood at ₹29,347, ₹30,922 in 2024, and ₹26,012 in 2023. The significant contributors to this ARPC are the long-standing client relationships, average client age profile, and personalised client management, along with a wide range of investment solutions offered by the company.
- Strategic Use of MTF Business: The Margin Trading Facility (MTF) Business is an essential part of the company’s comprehensive investment solutions. It provides clients the flexibility to leverage their investments and boost returns while managing risks, hence resulting in higher ARPC.
- Pan-India Presence with Digital Capabilities: As of 31 March 2025, the company operates 90 branches across 54 cities and 1,125 Authorised Persons across 290 cities in India, and online and digital platforms that serve retail, high, and ultra-high net-worth individuals, along with institutional clients. The digital platforms enable client acquisition and serve them in locations without physical presence. This automates processes like onboarding, report generation, and trade execution.
- Strong Track Record: The company has shown consistent growth and financial performance over time. During the financial period 2023 to 2025, profit after tax increased from ₹377.45 million to ₹1,036.06 million, which represents a compound annual growth rate (CAGR) of 65.68%.
Risk of Anand Rathi Share and Stock Brokers Ltd.
- Private Deals Compliance Risk – The company previously offered various secured redeemable unlisted nonconvertible debentures (NCDs) to a selected group of people during the financial years 2023, 2024, and 2025. This could be considered as non-compliance with Sections 25 and 42 of the Companies Act, 2013. Adjudication with the Registrar of Companies (RoC) is pending, and penalties and legal actions against the company are possible.
- Commodity Brokerage Issues – Anand Rathi Commodities Limited’s (ARCL), one of the companies of the group, commodity derivatives broker registration application was rejected by SEBI on 29 November 2022 and was barred from reapplying for six months or until acquittal. The company has also received a notice from SEBI seeking a compliance report for ‘fit and proper’ person criteria in terms of the SEBI (Intermediaries) Regulations, 2008. The Group’s reputation is at stake.
- Legal Proceedings – ARCL, one of their promoters, and some of the directors are currently facing multiple cases under the Prevention of Money Laundering Act (PMLA), Maharashtra Protection of Interest of Depositors (MPID), and National Spot Exchange Limited (NSEL). Any adverse outcomes in these cases shall impact the company materially.
- Revenue Concentration – Anand Rathi Share is heavily dependent on the broking and Margin Trading Funding (MTF) segments. Any sort of slowdown in revenue from these segments could have an unfavourable effect on the business.
Conclusion
Anand Rathi Share and Stock Brokers Limited IPO provides an opportunity to invest in a well-established company with over 30 years of experience, high ARPC, and a solid country-wide digital network. The fresh equity issue could fuel expansion and strong working capital.
However, their exposure to legal proceedings, regulatory evaluation, and revenue concentration poses severe risks. Investors must measure these against the growth potential before stepping into a long-term investment.
Other Recent IPO List
| Saatvik Energy IPO | Solarworld Solutions IPO |
| Epack Prefab Technologies IPO | Jinkushal Industries IPO |
| Ganesh Consumer IPO | Atlanta Electricals IPO |
| Jain Resource Recycling IPO | VMS TMT IPO |
FAQs
Anand Rathi Share IPO is a ₹745 Cr mainboard IPO by Anand Rathi Share and Stock Brokers Ltd., one of the companies of the Anand Rathi Group. It is a fresh equity issue with a price band of ₹393-₹414 per share.
Log in to Zerodha using Kite, search ‘Anand Rathi Share IPO’, and click on Apply.
Click on Apply again and enter your UPI ID.
Enter Quantity and Price and tick the undertaking box.
Swipe the Submit button and accept the mandate on the UPI app.
The Anand Rathi Share IPO opens on 23 September 2025 and closes on 25 September 2025.
The minimum lot for the IPO is 36 shares, with a requirement of ₹14,904 investment.
Investors can apply through the ASBA of brokers or via the UPI interface, during the IPO window, which is 23-25 September 2025.
