Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, has filed a Draft Red Herring Prospectus (DRHP) with capital markets regulator SEBI to raise funds through an offer initial public (IPO). The IPO will be an offer to sell shares of 1.2 crore by existing promoters and shareholders. The shares are likely to be listed on the BSE and the NSE.
Participants in the sale offer will be Anand Rathi Financial Services, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri and Feroze Azee, according to the Draft Red Herring Flyer (DRHP ). Anand Rathi owns a 12.85% stake in Anand Rathi Wealth, while Pradeep Gupta owns 5.48% and ARFSL 43.12%.
Since the offer in the main market will be an offer to sell, the proceeds of the sale will be received by the selling shareholders and Anand Rathi Wealth will not receive any financial benefit.
Anand Rathi Wealth is one of the leading non-bank wealth solutions companies in India. It operates in the financial services industry, with an emphasis on the distribution of mutual funds and the sale of financial products.
Equirus Capital, BNP Paribas, IIFL Securities and Anand Rathi Advisors are the investment bankers of the public issue.