Angel Broking Gets SEBI Nod For Rs 600-Crore IPO
The Rs 600-crore initial public offering of retail brokerage Angel Broking Pvt. Ltd. has received approval of capital market regulator Securities and Exchange Board of India. The launch date of the Angel Broking IPO, its price band and issue size are yet to be announced.
SEBI issued its "observation letter" for the Angel Broking IPO on July 26, according to information available on its website. The observations are necessary for any company to launch public issues, such as an IPO, follow-on public offer and a rights issue.
The brokerage had filed its draft IPO papers with SEBI on Sep. 5, 2018.
The Angel Broking IPO comprises fresh issue of shares worth Rs 300 crore and an offer-for-sale of roughly the same amount by the promoter and other shareholders, according to company’s draft red-herring prospectus.
The proceeds from the IPO will be used to meet working capital requirements and for general corporate purposes.
The equity shares of the company will be listed on the Bombay Stock Exchange and the National Stock Exchange.