Anand Rathi Share & Stock Brokers Ltd. is set to enter the capital markets with a ₹745 crore initial public offering (IPO), opening for subscription from September 23 to September 25, 2025. The issue, comprised entirely of fresh shares, comes at a time of heightened activity in India’s financial services sector, reflecting investor appetite for diversified brokerage and wealth management platforms.
Company Background
Founded in 1991, Anand Rathi Share & Stock Brokers is a full-service brokerage firm and a key part of the Anand Rathi Group, which has grown into a well-recognized brand in Indian financial services. The company provides equity, derivatives, commodities, and currency broking to a wide client base that includes retail investors, high-net-worth individuals, and institutions. It also offers margin trading facilities and distributes third-party financial products such as mutual funds, bonds, and portfolio management services.
With over three decades of industry presence, the firm operates through 90 branches and more than 1,100 authorized agents across 290 cities, combining a nationwide footprint with digital capabilities. As of March 2025, the company served a predominantly mature client base, with more than 84% of its active clients aged above 30. Its diversified revenue streams and consistent financial performance underscore its reputation as one of India’s leading brokerage houses.
IPO Details
The IPO will consist of 1.80 crore fresh shares, priced in the band of ₹393 to ₹414 per share, with a face value of ₹5. The minimum application size is 36 shares, translating to ₹14,904 at the upper price band for retail investors. High-net-worth investors (HNIs) and qualified institutional buyers (QIBs) will have separate allocation categories, while employees are eligible for a ₹25 per share discount.
Nuvama Wealth Management Ltd. is acting as the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar. Post-issue, the company’s market capitalization is expected to reach approximately ₹2,596 crore, with promoters’ holding set to decline from 98.06% to 69.90%. The shares are scheduled to list on both the BSE and NSE on September 30, 2025.
Market Context & Opportunities
The IPO arrives at a time when India’s brokerage industry is undergoing rapid transformation, driven by digital adoption, rising retail participation, and increasing financial literacy across Tier 2 and Tier 3 cities. Anand Rathi’s pan-India presence and strong digital platforms position it to capture this expanding market.
The company reported a 24% increase in revenue and a 34% jump in net profit between FY2024 and FY2025, highlighting its growth trajectory. With robust margins—an EBITDA margin of nearly 37% and return on equity above 23%—the firm has demonstrated financial discipline alongside scalability.
Risks & Challenges
Despite its strong fundamentals, Anand Rathi faces an intensely competitive environment, with both established full-service brokerages and agile discount brokerages vying for market share. Rising regulatory oversight, particularly in areas like margin trading and product distribution, could also impact profitability. Furthermore, the company’s debt-to-equity ratio of 1.80 indicates moderate leverage, requiring careful balance sheet management.
Conclusion
Anand Rathi Share & Stock Brokers’ IPO blends a solid legacy with growth potential in India’s expanding capital markets. For investors, the offering provides exposure to a diversified brokerage business with strong financials and a nationwide presence. Whether the IPO attracts strong demand will depend on market sentiment during the subscription window, but its combination of scale, digital capabilities, and brand reputation could make it one of the more closely watched listings of 2025.
