Angel Broking, a leading full-service broking firm has filed draft papers with the SEBI to raise an estimated sum of about Rs. 600 crore from the primary market via the initial public offering (IPO).
The initial offer by the company will entail issuance of fresh shares worth Rs. 300 crore. Other than this there will be an offer for sale of the same value by the promoters and shareholders of the company, as per the draft paper filed with the capital market regulator SEBI.
In the offer for sale, IFC will offload shares worth Rs. 120 crores.
The proceeds garnered from the issue subscription will be put towards general corporate purposes and for other working capital requirement.
The IPO's lead manager includes ICICI Securities, Edelweiss Financial Services and SBI Capital Markets and the equity of the company is proposed to be listed on both the NSE and BSE.
The company through a network of sub-brokers has presence in as many as 1,800 cities and towns with 110 branches.