Angel Broking Limited IPO – Review, Allotment, Subscription, GMP & DRHP
Last Updated Date: Nov 16, 2022Let’s have a detailed review of the company and analytics of the Angel Broking Limited IPO release date, IPO offer price, subscription, Angel Broking IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.
| Face Value | Rs 10 |
| Price Band | Rs 305 to Rs 306 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 49 |
| Listing Date | Oct 5, 2020 |
| Offer for Sale | Rs 300.00 Cr |
| Fresh Issue | Rs 300.00 Cr |
| IPO Size | Rs 600.00 Cr |
| Tick Size | Re 1 |
Check out IPO Allotment of Angel Broking IPO here – IPO Allotment Status
The listing date of this IPO is not yet announced. The tentative date of Angel Broking IPO listing is Oct 5, 2020.
You can check the live performance of the IPO here, only after it is listed on exchanges.
Angel Broking Limited IPO Review & Ratings
| IPO Ratings & Review | |
| Criteria | Ratings |
| Industry Sentiments | 8.5/10 |
| Industry Ranking | 8.8/10 |
| Company Background | 8.9/10 |
| Company Reputation | 8.9/10 |
| Competitive Edge | 8.7/10 |
| Financial Statements | 8.8/10 |
| Popularity Index | 8.4/10 |
| Promoters Reputation | 8.7/10 |
| Retail Appetite | 8.9/10 |
| Top Brokers Review | 8.9/10 |
| Overall Ratings | 8.6/10 |
| Star Ratings | ★★★★☆ |
Summary of Angel Broking Limited IPO
Angel Broking is one of the largest independent full-service retail broking house in India in terms of active clients on NSE as of July 31, 2018. Their principal business includes broking and advisory services, margin funding, and distribution of financial products which are complemented by the research services and investment advisory.
The Promoters of this company are Dinesh D. Thakkar, Ashok D. Thakkar and Sunita A. Magnani. The lead manager to the issue are ICICI Securities Limited, Edelweiss Financial Services Limited and SBI Capital Markets Limited; and the Registrar to this issue is Link Intime India Private Limited.
Check out all Important Products & Services provided Angel Broking here –
Angel Broking IPO Date
The opening and the closing date of IPO of Angel Broking Limited is Sep 22, 2020 and Sep 24, 2020.
Angel Broking Limited IPO Subscription
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – Sep 22 | 0.00x | 0.16x | 1.46x | 0.76x |
| 2nd Day – Sep 23 | 0.00x | 0.31x | 2.79x | 1.46x |
| 3rd Day – Sep 24 | 5.74x | 0.69x | 4.31x | 3.94x |
| Shares Offered or Net Issue | 3,934,425 | 2,950,820 | 6,885,246 | 13,770,491 |
The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.
Angel Broking Limited IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.
Angel Broking Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing and more:
| Basis of Allotment Finalization | Sep 29, 2020 |
| Refunds Initiation | Sep 30, 2020 |
| Credit of Shares to Demat Account | Oct 1, 2020 |
| Share Listing Date | Oct 5, 2020 |
Angel Broking IPO Price Band / Cash Price
The face value of each share is Rs 10, but the price band of the IPO is Rs 305 to Rs 306.
Angel Broking IPO Equity Size
This Initial Public Issue of the Equity Shares of Rs.10 each for cash at a price of Rs 305 to Rs 306 per equity share aggregating to Rs. 6000 million.
Angel Broking IPO Share Offering
Fresh Issue: Equity Shares by their Company, aggregating to Rs.6000 Million,
Issue Size: Aggregating to Rs.3000 Million
Offer for Sale: Equity Shares of face value of Rs.10 each, aggregating Rs.3000 Million.
Angel Broking IPO – Live Performance
The listing date of this IPO is not yet announced. The tentative date of Angel Broking IPO listing is Oct 5, 2020. You can check the live performance of the IPO here, only after it is listed on exchanges.
Angel Broking IPO Grey Market Premium
The Angel Broking Limited IPO Grey Market Premium price is 100-120, the Kostak rate is 300 and the Subject to Sauda is NA.
Angel Broking Limited – Comany Overview
Angel Broking is a technology led financial services company, that provides broking and advisory services, margin funding, loans against shares (through one of the Subsidiaries, AFPL) and financial products distribution to the clients under the brand “Angel Broking”. The broking services are offered through (i) the online and digital platforms, and (ii) the network of more than 11,000 sub-brokers, as of June 30, 2018.
Angel Broking Growth in Technology
The primary focus is to profitably grow the retail broking, margin funding and distribution businesses through the online and digital platforms, “Angel Broking App”, “trade.angelbroking.com”, “Angel SpeedPro”, “Angel BEE”, which are powered by “ARQ”, a rule-based investment engine.
They believe that they are positioned to benefit from the development of the Indian financial market, increased emphasis on digitalisation, and growth in the returns from such financial investments.
Angel Broking has received several awards and accolades for the services and products, including ‘Best performing retail member – Pan India 2016-17’ Award at Market Achievers Awards organised by NSE, one of the ‘Top Volume Performers in Equity Retail Segment 2016-17’ by BSE, the ‘Fulcrums of Commodity Derivatives Market’ Award by MCX in 2018 and the ‘Best Technology House of the Year’ in 2016 at the ASSOCHAM Excellence Awards. They provide a wide range of financial services to the clients including and in relation to:
Angel Broking : Broking and Advisory
They provide broking services across equity (cash-delivery, intra-day, futures and options), commodity and currency segments, along with debt products. They facilitate participation of the clients in initial public offerings undertaken by various companies. As a part of the broking and advisory services offered by them, they also facilitate opening of demat accounts for the clients. The Company is a member of BSE, NSE, MSEI, MCX and NCDEX in order to provide broking services.
To complement the broking and advisory services, they also provide the following additional services to the clients:
(i) Research Services: They have a dedicated research team which publishes research reports on a daily, weekly and monthly basis for the clients, to enable them to make informed investment decisions across equity, commodity and currency segments.
(ii) Investment Advisory: They provide investment advisory services to the retail clients with customized investment recommendations which they believe assists the clients in achieving their investment goals across various investment avenues such as equities, debt, currency, commodities, derivatives, mutual funds and insurance products.
(iii) Investor Education: The website is also a knowledge center which aims to empower investors, including the clients, with an understanding in respect of trading and investments products. As part of the investor awareness initiative, they regularly undertake sessions through various digital mediums, to enhance the retail clients’ knowledge regarding the products, research and market trends.
Angel Broking Limited: Other Financial Services
In addition to the broking and advisory services, they also provide the following financial services that may enable the clients to achieve their financial goals:
(i) Margin Trading Facility: They provide margin trading facility to the clients for leveraging their eligible collaterals by funding their requirements on the cash delivery segment of equities. Such funding is subject to exposure against margins that are mandated by the stock exchanges, with the securities forming a part of the collateral for such funding.
(ii) Distribution: They undertake distribution of third-party financial products such as mutual funds, and health and life insurance products, according to the clients’ requirements. Such distribution is undertaken through both the offline channels and the digital platforms, “Angel Broking” and “Angel BEE”. They believe that the distribution business helps the clients to achieve their financial and risk mitigation objectives by providing them with personal wealth management services.
(iii) Loans against shares: Through the Subsidiary, AFPL, which is registered as an NBFC, they provide loans against shares to the retail clients.
Angel Broking Limited – Financial Statements
A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Million) | ||||
| 30-Jun-20 | 31-Mar-20 | 31-Mar-19 | Mar-18 | |
| Total Assets | 29,731.02 | 21,592.05 | 21,690.56 | 22,828.67 |
| Total Revenue | 2,440.86 | 7,427.79 | 7,626.47 | 7,536.55 |
| Total Expense | 1,929.77 | 6,258.14 | 6,437.73 | 6,058.49 |
| Profit After Tax | 381.83 | 866.24 | 766.94 | 1,010.52 |
Earnings per Equity Share (in Millions)
| 30-Jun-20 | 31-Mar-20 | 31-Mar-19 | Mar-18 | |
| Basic & Diluted | 5.30 | 12.03 | 10.65 | 14.07 |
Our consolidated total revenue from operations was Rs.2,384.24 million, Rs.7,246.24 million, Rs.7,579.78 million, and Rs.7,642.80 million for the period ended June 30, 2020 and in Financial Years 2020, 2019 and 2018 respectively.
Further, our profit from continuing operations as restated was Rs.482.59 million, Rs.867.89 million, Rs.834.02 million and Rs.1,097.88 million for the period ended June 30, 2020 and in Financial Years 2020, 2019 and 2018, respectively.
Our return on net worth for equity shareholders (RoNW) for the period ended June 30, 2020 was 7.40% (not annualised) and Financial Year 2020 was 13.92%.
Angel Broking Limited IPO – Promoters
The Promoter of this company are:
- DINESH D. THAKKAR,
- ASHOK D. THAKKAR AND
- SUNITA A. MAGNANI
List of Related Parties (Key Managerial Personnel)
| Dinesh D. Thakkar | Chairman and Managing Director |
| Vinay Agrawal | Chief Executive Officer |
| Vineet Agrawal | Chief Financial Officer |
| Naheed Patel | Company Secretary |
Competitive Strengths of Angel Broking Limited:
- One of the largest retail broking houses with strong brand equity
- Client acquisition through diversified digital platforms
- Integrated, end to end, and advanced digital experience ensuring client satisfaction
- Diversified product offering across segments at competitive price
- Robust business metrics building operating leverage
- Experienced management team with proven execution capabilities
Angel Broking Limited IPO Offer Details or Issue Details
| Offer of Equity Shares | Up to [●] Equity Shares aggregating up to Rs. 6,000 million |
| of which | |
| Fresh Issue | Up to [●] Equity Shares aggregating up to Rs. 3,000 million |
| Offer for Sale | Up to [●] Equity Shares aggregating up to Rs. 3,000 million |
| of which: | |
| Offer for Sale by IFC | Up to [●] Equity Shares aggregating up to Rs. 1,200.02 million |
| Offer for Sale by Ashok D. Thakkar | Up to [●] Equity Shares aggregating up to Rs. 183.35 million |
| Offer for Sale by Sunita A. Magnani | Up to [●] Equity Shares aggregating up to Rs. 45.00 million |
| Offer for Sale by Individual Selling Shareholders | Up to [●] Equity Shares aggregating up to Rs. 1,571.63 million |
| A) QIB portion | Not more than [●] Equity Shares |
| B) Non-Institutional Portion | Not less than [●] Equity Shares |
| C) Retail Portion | Not less than [●] Equity Shares |
| Equity Shares outstanding prior to the Offer | 71,995,003 Equity Shares |
| Equity Shares outstanding after the Offer | X Equity Shares |
Angel Broking Limited IPO Issue Object
The Net Proceeds from the Fresh Issue will be utilised towards the following objects:
1. To meet working capital requirements of up to Rs. 2,300 Millions
2. General corporate purposes.
Business strategies of Angel Broking Limited:
- Strengthen our leadership position to become the largest retail broking business in India
- Augment our investment in our mobile platform, artificial intelligence, machine learning capabilities and newer technologies
- Establish a leadership position in the investment advisory space to support our business
- Capitalisation of the growing investable wealth in India
Angel Broking Limited IPO – Basis of the Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- One of the largest retail broking houses with strong brand equity
- Ensuring client satisfaction through the implementation of advanced technology and digitalisation
- Strong client base through their online and digital platform and sub-broker network
- Significant market share in the cash and commodity segment
- Track record of continuous growth and strong financial performance
- Proven and experienced management team and execution strength
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-18 | 14.91 | 22.61 | – |
| Mar-19 | 11.09 | 15.02 | – |
| 31-Mar-20 | 11.44 | 13.92 | 82.15. |
- Industry P/E Ratio:
| Particulars | P/E ratio |
| Highest | 54.7 |
| Lowest | 5.4 |
| Average | 24.1 |
Angel Broking Competitive Peers
| Particulars | Face Value (in Rs.) | EPS (In Rs.) | NAV (In Rs.) | P/E Ratio | RONW |
| Angel Broking | 10 | 11.44 | 82.15 | NA | 13.92 |
| PEERS | |||||
| ICICI Securities | 5 | 16.8 | 37.5 | 28.4 | 44.32 |
| Geojit Financial | 1 | 2.0 | 23.8 | 19.4 | 8.91 |
| IIFL Holdings | 2 | 7.3 | 27.5 | 5.7 | 26.39 |
| Motilal Financial | 1 | 12.2 | 210.9 | 56.0 | 4.15 |
| JM Financial | 1 | 6.5 | 96.7 | 12.6 | 9.69 |
Angel Broking Limited IPO Lead Managers
| BOOK RUNNING LEAD MANAGERS |
| ICICI Securities Limited
Edelweiss Financial Services Limited SBI Capital Markets Limited |
Angel Broking Limited IPO Registrar to offer
| Registrar to the Offer |
| Link Intime India Private Limited C-101, 1st floor, 247 Park, Lal Bahadur Shastri Maarg Vikhroli (West), Mumbai 400 083 Tel: +91 22 4918 6200, Fax: +91 22 4918 6195 E-mail: angel.ipo@linkintime.co.in Investor Grievance E-mail: angel.ipo@linkintime.co.in Website: www.linkintime.co.in Contact Person: Shanti Gopalkrishnan SEBI Registration No.: INR000004058 |
Other Details:
- Statutory Auditor – S.R. Batliboi & Co. LLP, Chartered Accountants
- Indian Legal Counsel to the Company – Cyril Amarchand Mangaldas
Angel Broking Limited IPO Review by Top 10 Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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