Angel files papers for flotation

Angel Broking has filed draft papers with market regulator Sebi to raise an estimated Rs 600 crore through an initial public offering (IPO).

By Our Special Correspondent
  • Published 6.09.18
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Mumbai: Angel Broking has filed draft papers with market regulator Sebi to raise an estimated Rs 600 crore through an initial public offering (IPO).

The IPO comprises fresh issue of shares worth Rs 300 crore, and an offer-for-sale of the same size by the promoters and other existing shareholders.

Among the existing shareholders, IFC will sell shares to the tune of Rs 120 crore in the offer-for-sale.

According to the full-service retail broking firm, proceeds of the issue will be utilised to meet working capital requirements and general corporate purposes.

ICICI Securities, Edelweiss Financial Services and SBI Capital Markets will manage the IPO. The equity shares will be listed on the BSE and the NSE.

Angel Broking is present across 1,800 cities and towns through a network of sub-brokers and over 110 branches. As of June 2018, the company managed Rs 1,13,02 crore in client assets and over 11 lakh active broking accounts.