Angel One shares rise 5% as QIP kicks off; floor price at ₹2,555 per share
The issue price would be determined by the broking firm in consultation with the Book Running Lead Managers appointed in relation to the issue, Angel One said in an exchange filing.
Shares of Angel One Ltd rallied 5% in trade Wednesday (March 27) after the broking firm launched a qualified institutional placement (QIP). The floor price for the QIP issue has been set at ₹2,555.01 per share, which was at a discount of 7% to Tuesday's closing price of ₹2,750 on the NSE.
At 11:07 am, the Angel One stock was trading 4.19% higher at ₹2,836 apiece. Angel One shares have fallen nearly 21% so far this year, while it has risen 150% in the last one year.
The issue price would be determined by the broking firm in consultation with the Book Running Lead Managers appointed in relation to the issue, Angel One said in an exchange filing on March 26.
Last month, Angel One announced raising up to ₹2,000 crore to augment and build financial flexibility to grow the business and harness various emerging opportunities both within the existing and expanding broking business and across the inorganic universe within the fintech space.
The growing client base, and heightened activity across multiple derivative and cash products along with the consistently increasing quantum of orders executed on the company’s platform, have entailed a sustained requirement of enhanced working capital, to diligently manage such growth in volumes, Angel One had said earlier.
The company's average daily orders have grown significantly from 0.5 million in FY20, to 1.4 million in FY21, 2.8 million in FY22, 3.7 million in FY23 and further to 5.4 million in the 10 months of FY24.
Further, Angel One has launched a mutual fund offering on its SuperApp platform and has seen good traction and growth amongst its client base, with higher incremental SIPs being registered every quarter since its launch.
Angel One plans to move beyond equity and mutual funds and offer a distribution of credit and fixed-income products to its clients.
“These offerings will further strengthen the engagement of your company’s clients on its SuperApp platform and should help boost growth across its broking and distribution Businesses,” the brokerage firm stated.
First Published: Mar 27, 2024 11:27 AM IST
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