The IPO offered by Angel Broking has been subscribed 77 per cent on the trading session of Day 1. The broking firm has got attracting bids of 1,05,01,287 shares for its issue of 1,37,70,491 shares about 77 per cent of the issue size on Day 1.

The retail quota was subscribed 1.46 times while the reserved quota for Non-Institutional Investors (NII) was filled in by 16 per cent, but no bids were received from qualified institutional investors (QII) quota.

On the previous day, Angel Broking had raised Rs 180 crore through allotting 58.82 lakh shares to 12 anchor investors. “We believe Angel Broking’s IPO and OFS is fairly priced at the current price band, considering its financial performance and growth prospects. We recommend a ‘subscribe’ rating on the IPO,” said the brokerage firm.

YES Securities said that the brokerage firm has significantly outperformed in the industry in terms to adding clients with the share of incremental dematerialisation accounts which have increased to 14.7 per cent in Q1FY21as compared to 4.2 per cent in FY18. It said that the high level of competition in the industry could restrict future growth opportunities for Angel Broking.

The IPO offered by Angel Broking comprises fresh issuance of shares worth Rs 300 crore and an offer for sale of Rs 300 crore by its promoters and shareholders. The fund raised would be used for meeting working capital needs and for other general corporate purposes.