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    Angel Broking IPO opens for subscription: Should you invest?

    Abstract:The Rs 600-crore initial public offering of Angel Broking will open for subscription today, September 22, at a price band at Rs 305-306 per share.

      The Rs 600-crore initial public offering of Angel Broking will open for subscription today, September 22, at a price band at Rs 305-306 per share.

      The public issue, which will close on September 24, comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by promoters and investors. The company is going to use fresh issue proceeds for working capital requirements and general corporate purposes.

      All brokerages recommended subscribing to the public offer citing incremental growth in market share in terms of active clients, consistent addition in customer base, increased retail participation in capital markets after pandemic etc.

      Angel Broking is the first broking company to come out with IPO plans in the last ten years.

      Angel Broking has developed its Pan-India presence of 18,649 Pincodes (96.9 percent existence across India) with a healthy network of 11,000 authorised persons. However, its online and digital platform has enabled largest client sourcing in the recent times. Average client acquisition has improved to 1,15,565 clients per month in Q1 FY21 from 46,676 clients per month during FY20 backed by enhanced participation observed from retail equity investors.

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