Angel Broking IPO Subscribed 1.46 Times On Second Day Of Bidding
Financial traders work beneath a digital display board in the trading hall of the Egyptian stock exchange in Cairo, Egypt. (Photographer: Shawn Baldwin/Bloomberg)

Angel Broking IPO Subscribed 1.46 Times On Second Day Of Bidding

The initial public offering of Angel Broking Ltd. was subscribed 1.46 times on the second day of its three-day share sale.

As of 4:00 pm on Sept. 23, the Angel Broking IPO received bids for shares worth Rs 615 crore against an issue size of Rs 421 crore, according to data available with Axis Capital.

Retail investors made the bulk of the purchases, picking up 2.79 times shares reserved for them. Non-institutional investors bid 0.31 times on the shares allocated for them. Qualified institutional buyers haven’t purchased any shares so far.

The broking company plans to raise Rs 600 crore by selling up to 1.96 crore shares at Rs 305-306 apiece with the minimum bid lot size of 49 shares and multiples thereof.

The Mumbai-based company plans to use the IPO proceeds to meet working capital requirements and general corporate purposes.

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