Shares of Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi, on Tuesday listed with over 9 per cent gains against its issue price of Rs 550. The stock made its debut at Rs 602.05, a gain of 9.46 per cent from the issue price on BSE.
It further jumped 11.80 per cent to Rs 614.95. On NSE, it listed at Rs 600, a premium of 9.09 per cent. The company commanded a market valuation of Rs 2,439.34 crore in morning trade. The initial public offer of Anand Rathi Wealth Limited received 9.78 times subscription earlier this month.
The initial public offer of up to 12,000,000 equity shares had a price range of Rs 530-550 per share. Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.
(PTI)
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