Angel Broking Limited IPO – Review, Allotment, Subscription, GMP & DRHP

Angel Broking Limited IPO comprises of Equity shares, face value of Rs.10 each, aggregating up to Rs. 6,000.00 Millions, out of which Fresh Issue aggregating up to Rs. 3,000 Million and Offer for Sale aggregating up to Rs. 3,000 Million. The principal business of Angel Broking Limited includes broking and advisory services, margin funding, and distribution of financial products which are complemented by our research services and investment advisory. 

Let’s have a detailed review of the company and analytics of the Angel Broking Limited IPO release date, IPO offer price, subscription, Angel Broking Limited IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


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 Limited IPOAngel 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 consolidated revenue from operations was Rs. 1937.14 million, Rs. 7,647.65 million, Rs. 5,369.23 million and Rs. 4,474.10 million for the quarter ended June 30, 2018 and in Financial Years 2018, 2017 and 2016, respectively. Further, the net profit as restated was Rs. 255.91 million, Rs. 1,079.28 million, Rs. 310.14 million and Rs. 317.24 million for the quarter ended June 30, 2018 and in Financial Years 2018, 2017 and 2016, respectively. In Financial Year 2018, the return on net worth was 22.72%.

Net asset value per Equity Share as per the Restated Consolidated Financial Information as on June 30, 2018
and March 31, 2018: Rs. 69.52 and Rs. 66.13. The Net asset value per Equity Share as per the Restated Standalone Financial Information as on June 30, 2018 and March 31, 2018: Rs. 66.05 and Rs. 62.65

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 .


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Angel Broking Limited IPO Date

The opening and the closing date of Angel Broking Limited IPO is not known yet.


Angel Broking Limited IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1 
Day 2
Day 3
Day 4
Day 5
Shares Offered or Net Issue

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.


Angel Broking Limited IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Angel Broking Limited IPO Equity Share Offering

 Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed .


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.

They have more than 850,000 downloads of the Angel Broking mobile app and more than 450,000 downloads of the Angel BEE app as of June 30, 2018, which enables the clients to avail the services digitally. Through the network of sub-brokers and over 110 branches, we have a pan-India presence across 1,800 cities and towns, as of June 30, 2018. As at June 30, 2018, the Company managed Rs. 113,023.06 million in client assets and over 1.11 million active broking accounts.

They believe that the experience of over two decades has helped them to integrate the knowledge and expertise in the broking industry with the technology we provide to the retail clients through various platforms. They have enhanced client engagement and experience through application of technology to broking services including, launch of the mobile application for the broking services in the year 2011 and KYC authentication and complete client on-boarding through the electronic and digital medium in the year 2015 and 2016, respectively.

During the quarter ended June 30, 2018, 87.25% of the revenue through the direct services and 46.49% of the revenue through the sub-brokers was provided through the online and digital platforms. This aggregates to 59.88% of the broking revenues, being earned through the online and digital platforms for the quarter ended 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 we 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.

They have 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:

  •  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, we 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, we 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 we 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, we regularly undertake sessions through various digital mediums, to enhance the retail clients’ knowledge regarding the products, research and market trends.

  •  Other Financial Services:

    In addition to the broking and advisory services, we 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, we provide loans against shares to the retail clients. 

Competitive Strengths of Angel Broking Limited:

  • One of the largest retail broking houses with strong brand equity
  • Ensuring client satisfaction through the implementation of advanced technology and digitalization
  • Strong client base through the 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

Business strategies of Angel Broking Limited:

  • Diversify and expand the retail client base
  • Continuously developing implementation of technology and enhancing digital infrastructure
  • Establish a leadership position in the investment advisory space
  • Capitalisation of the growing investable wealth in India

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-18 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Total Assets 19,206.78 22,721.27 15,412.52 9,288.77 7,357.27 7,341.37
Total Revenue 1,978.24 7,522.61 4,714.06 3,813.05 3,643.94 2,560.54
Total Expense 1,588.14 6,032.86 4,433.78 3,417.34 3,077.35 2,463.38
Profit After Tax 255.37 1,018.50 206.98 254.84 361.45 73.29

Earnings per Equity Share (in Millions)

30-Jun-18 31-Mar-18 31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14
Basic & Diluted 3.55 15.03 4.32 4.42 6.11 1.58

From the above statements, one could find that the Angel Broking Limited may perform well.


Angel Broking Limited IPO – Promoters

The Promoter of this company are:

  1.  DINESH D. THAKKAR,
  2. ASHOK D. THAKKAR AND
  3. SUNITA A. MAGNANI

List of Board of Directors

Dinesh D. Thakkar  Chairman and Managing Director
Vinay Agrawal Director and Chief Executive Officer
Uday Sankar Roy Independent Director
Kamalji Sahay Independent Director
Anisha Motwani Independent Director
Ketan Shah Non-Executive Director

List of Angel Broking Shareholders:

Name of the Shareholder No. of Equity Shares Percentage (%) of the Pre-Offer
Dinesh D. Thakkar  16,768,805 23.29
IFC 12,927,760 17.96
Lalit T. Thakkar 8,936,780 12.41
Nirwan Monetary Services Private Limited   6,065,310 8.42
Mukesh      Gandhi 5,581,500 7.75
Nishith    Jitendra  Shah 4,087,500 5.68
Bharat    Chimanlal    Shah   3,251,970 4.52
Deepak T. Thakkar   3,396,155 4.72
Ashok D. Thakkar  3,199,920 4.45
Bela    Mukesh     Gandhi 2,044,515 2.84
 Total               66,260,215

 


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. 208.35 million
Offer for Sale by Sunita A. Magnani Up to [●] Equity Shares aggregating up to Rs. 31.25 million
Offer for Sale by Individual Selling Shareholders Up to [●] Equity Shares aggregating up to Rs. 1,560.38 million
A)  QIB portion Not more than [●] Equity Shares
of which 
Anchor Investor Portion Upto [●] Equity Shares
Balance available for allocation to QIBs other than Anchor Investors (assuming Anchor Investor Portion is fully subscribed) [●] Equity Shares
 of which 
Available  for  allocation  to  Mutual  Funds  only  5%  of  the  QIB Portion (excluding the Anchor Investor Portion)  [●] Equity Shares
Balance of QIB Portion for all QIBs including Mutual Funds  [●] Equity Shares
B)  Non-Institutional Portion Not less than [●] Equity Shares
C)  Retail Portion Not less than [●] Equity Shares
Pre and post Offer Equity Shares  
Equity Shares outstanding prior to the Offer  71,995,003 Equity Shares
Equity Shares outstanding after the Offer  X Equity Shares  
Utilisation of proceeds 

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.


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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 our 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 14.18 22.64 62.65
31-Mar-17 2.88 6.62
31-Mar-16 3.55 8.42
  • Industry P/E Ratio:
Particulars P/E ratio
Highest 33.46
Lowest 16.54
Average 25
  • Angel Broking Competitive Peers: (Financial Year 2018)
Particulars Face Value  (in Rs.) EPS (In Rs.) NAV (In Rs.) P/E Ratio RONW 
Angel Broking 10 15.03 66.13 NA 22.72
PEERS
ICICI Securities 5 17.31 25.89 20.83 66.86
Geojit Financial 1 3.03 23.41 25.64 13.14
IIFL Holdings 2 28.55 158.81 24.08 17.99
Edelweiss Financial 1 9.8 72.75 33.46 13.34
Motilal Financial 1 36.81 154.96 25.09 24.07
JM Financial 1 7.81 50.8 16.54 14.81

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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:
Investor Grievance E-mail: 
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 Grey Market Premium

The Angel Broking Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Angel Broking Limited IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)


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