Anand Rathi Share & Stock Brokers Limited

About the company

Anand Rathi Share & Stock Brokers Limited is a full-service brokerage house in India and part of the larger Anand Rathi Group, which offers a diverse range of financial services through its group companies. The company provides broking services, margin trading facility, and distribution of financial products spread across a wide asset classes under the brand 'Anand Rathi' to clients across retail, HNI, Ultra-HNI, and institutions. The company offers its services in three main segments - Broking services, Margin Trading Facility (MTF), and distribution of investment products. The broking segment contributed 60.34% (₹510.27 crore), followed by the non-broking segment at 22.77% (₹192.59 crore), and the rest from other operating income at 16.89% (₹142.84 crore) in FY25. In the broking segment, the equity cash segment is the largest contributor, making 54.33% of brokerage revenue, followed by the futures and options segment at 41.16% in FY25. The company’s multi-channel presence through 90 branches across 54 cities, 1,125 authorised persons across 290 cities and online & digital platforms enables it to service clients across Tier 1, Tier 2, Tier 3, and other cities throughout India. It has a strong client vintage profile with 130,502 active clients (58.91%) having a relationship of more than 3 years and 99,422 active clients (44.88%) having a relationship of more than 5 years as of March 2025. This long client relationship is reflected in the high ARPC of ₹29,347 in FY25 from ₹26,012 in FY23, which was the highest among the peers as per the CARE report. The company’s AUM, which includes mutual funds, portfolio management services, and alternative investment funds, increased at a CAGR of 43.04% during FY23 to FY25, while assets under custody increased more sharply at a CAGR of 67.05% reaching to ₹81,368.48 crore during the same period. Its brokerage income from digital platforms increased from 30.56% (₹83.76 crore) to 36.65% (₹157.36 crore) in FY25 due to significant investments in digital capabilities, including proprietary digital platforms like 'Trade Mobi', 'AR Invest', 'MF Client', and 'Trade Xpress' applications. The broking industry itself is on a high-growth path, valued at ₹520 billion in FY25, and expected to reach ~₹810 billion at a CAGR of 16-18% by FY28. This growth is supported by rising financial literacy, digital platforms, and deeper penetration into Tier-2/3 cities, where over 60% of investments are from smaller cities. Retail participation has also grown. Individual investors accounted for 34.4% of cash market turnover and 26.6%+ in equity derivatives as of June 2025. NSE active clients grew at a CAGR of 32.8% between FY20 to Q1FY26, reaching 4.79 crore, providing a growing customer base for brokers. The primary market boom has been another driver; IPO issues rose from 60 in FY20 to 320 in FY25, with capital raised through IPOs surging from ₹21,300 crores in FY20 to ₹1,72,300 crore in FY25. The MTF represents a key driver of growth for the company. Its MTF book grew at a CAGR of 34.91% during FY23 to FY25, reaching ₹685.51 crore from ₹376.64 crore. Clients using the margin trading facility generate significantly higher ARPC compared to those not using it. As of March 31, 2025, its MTF book was distributed across 7,162 clients with varying exposure levels, from small amounts up to ₹0.1 crore (20.89%) to large exposures above ₹5 crore (2.95%). 54.35% of active clients (120,385) are from Tier 3 and other cities, 27.09% (59,997) are from Tier 1 cities, and the rest 18.44% (40,856) are from Tier 2 cities as of March 31, 2025. This distribution has remained relatively stable over the past 3 years, showing the company's strong penetration in smaller cities, which will benefit the company from industry trends in these regions. Now, Anand Rathi Share & Stock Brokers Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹745 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   23 Sept 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   25 Sept 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   26 Sept 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   29 Sept 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   29 Sept 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   30 Sept 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.