Anand Rathi Wealth files for IPO

Anand Rathi Wealth Ltd, part of Mumbai-based financial services group Anand Rathi, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. The IPO is entirely an offer for sale of 1.2 crore equity shares by promoters and existing shareholders, draft red herring prospectus (DRHP)filed with Sebi showed on Tuesday. Those offering shares in the offer for sale are -- Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri, and Feroze Azee. Anand Rathi Wealth, operate in the financial services industry with a focus on mutual fund distribution and sale of financial product. Explaining the rational behind the listing, the company said the listing of Equity Shares will enhance its brand name and provide liquidity to the existing shareholders. In addition, the company expects that the proposed listing will also provide a public market for the equity Smshares in India. Equirus Capital Private Limited, BNP Paribas, IIFL Securities Limited Anand Rathi Advisors Limited have been appointed as merchant bankers to advise the company on the IPO. The equity shares of the company will be listed on BSE and NSE. Earlier in September 2018, the company had filed draft papers with Sebi to raise Rs 425 crore through an IPO. However, the firm later withdrew its proposed public issue.