A part of Anand Rathi Financial Services – AnandRathi Wealth Management is all set to put a step in the Initial Public Offering of approx. INR 500 Crore this year and may file Draft Red Herring Prospectus in May 2018.

Rakesh Rawal, CEO of AnandRathi Wealth management has confirmed the IPO details but refused to share additional details. “We have decided that we want to go for Initial Public Offering (IPO) but the details are being processed,” he said.

It’s a standalone IPO of a wealth management firm of a brokerage house. AnandRathi Wealth Management is planning to file DRH with Sebi (Securities & Exchange Board of India) in the next month.

As per sources, AnandRathi Wealth Management has appointed ICICI Securities as a merchant banker to manage IPO and the legal advisor for this public offering will be AZB Partners.

Out of INR 500 crore, 15% will be for only retail investors and remaining 85% will be via qualified institutional placement, as sources told.

About AnandRathi Wealth management:

It offers quality wealth management services to high net-worth individuals. Recently in Feb 2017, AnandRathi Financial Services Ltd had acquired Religare Enterprises Ltd (REL). and the company’s assets reached around 18,000 Crore as on 31st March 2018.