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Anand Rathi Wealth (ARWL), one of the leading non-bank wealth solutions firms in India, has made a decent stock market debut, with its equity shares listed at Rs 602.05, a 9 per cent premium over its issue price of Rs 550 per share on the BSE. The stock opened at Rs 600 on the National Stock Exchange (NSE).
Post listing, the stock moved higher to Rs 614.95, up 12 per cent versus the issue price. At 10:01 am, it was traded at Rs 611 on the BSE. A combined around 4 million equity shares changed hands on the NSE and BSE in early trades.
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Commenting on the market debut, “We expect a sharp decline in the stock post-listing. My advice to investors is to book listing, gain profit and re-enter at around Rs 420 per share levels,” said Ravi Singhal, vice-chairman at GCL Securities.
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