Anand Rathi Share and Stock Brokers IPO
Anand Rathi Share and Stock Brokers Limited (ARSSBL) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 30 September 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +3.1% (likely range -8% to +12%), day's high +13.9%, chance of a gain 50%. Actual: +4.3% at the open, +10.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 37,40,457 | 16,38,48,024 | 43.8x | |
| NII (HNI) total | 28,05,344 | 8,02,42,380 | 28.6x | |
| Big NII (above ₹10 lakh) | 18,70,229 | 5,67,83,412 | 30.4x | |
| Small NII (₹2-10 lakh) | 9,35,115 | 2,34,58,968 | 25.1x | |
| Retail | 65,45,802 | 3,12,97,104 | 4.78x | |
| Employees | 2,71,739 | 6,94,620 | 2.56x | |
| Total | 1,33,63,342 | 27,60,82,128 | 20.7x |
Bids on NSE and BSE together, as published by NSE, as of 25 Sep 2025, 07:00 PM. Shares offered exclude the anchor portion. 9% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Anand Rathi Share and Stock Brokers's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Jana Small Finance BankFeb 2024 | 38.7x | 25.1x | 5.46x | 18.5x | ₹590 Cr | -4.3% | -1.2% |
| Allied Blenders and DistillersJun 2024 | 50.4x | 32.4x | 4.51x | 23.5x | ₹1,579 Cr | +13.9% | +15.6% |
| Home First Finance Company IndiaJan 2021 | 52.5x | 39.0x | 6.59x | 26.7x | ₹1,156 Cr | +19.5% | +23.6% |
| EPACK DurableJan 2024 | 25.5x | 28.1x | 6.29x | 16.4x | ₹652 Cr | -3.9% | -2.4% |
| Uniparts IndiaDec 2022 | 67.1x | 17.9x | 4.63x | 25.3x | ₹836 Cr | -0.3% | 0.0% |
| JNK IndiaApr 2024 | 75.7x | 23.3x | 4.11x | 28.1x | ₹651 Cr | +49.6% | +71.6% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Nuvama Wealth Management | 35 | +11.9% | 66% |
| DAM Capital Advisors | 37 | +13.6% | 59% |
| Anand Rathi Advisors | 11 | +28.5% | 91% |
Offer documents (NSE)
Frequently asked
What is the Anand Rathi Share and Stock Brokers IPO price band and lot size? ₹393–414 per share, with a lot of 36 shares, so the smallest retail bid is ₹14,904.
How many times has it been subscribed? 20.7x overall: QIB 43.8x, NII 28.6x, retail 4.78x, employees 2.56x.
How did it list? It opened at ₹432, +4.3% against the issue price of ₹414, and closed its first day +7.6%.
