Angel One Raises Rs 1,500 Crore via QIP, Sees Strong Investor Response
- ByStartupStory | April 8, 2024
Stock brokerage firm Angel One has successfully concluded its Qualified Institutional Placement (QIP) of shares, raising a significant sum of Rs 1,500 crore. The funds are earmarked for bolstering expansion plans, marking a pivotal moment in the company’s growth trajectory.
Angel One sold 58,70,818 equity shares to qualified institutional buyers at a floor price of Rs 2555.01 per share, representing a 6.32% discount to the closing price of Rs 2727.60 on March 26. The QIP issue remained open from March 26 to April 2, garnering substantial interest from both domestic and foreign institutional investors.
Dinesh Thakkar, Chairman and Managing Director of Angel One, expressed his enthusiasm regarding the successful completion of the QIP, stating, “The successful completion of this QIP marks a significant milestone in our journey, as we capitalise the business for its future growth trajectory, thus strengthening our position in the industry. The capital market landscape has undergone significant changes in recent years, with a robust outlook and deepening penetration, driven by digitisation. We are witnessing continuous engagement of Indian retail investors, as evidenced in our performance metrics.”
Despite the positive development, Angel One’s stock experienced a modest decline, closing 1.48% lower at Rs 2975.70 on the BSE. The market capitalization of the firm dipped to Rs 26,743 crore, with a turnover of Rs 16.67 crore as 0.56 lakh shares changed hands on the BSE. However, the brokerage firm’s stock has exhibited strong performance over the past six months, rising by 49.65%, and registering an impressive gain of 154.63% over the course of a year. Notably, the stock boasts a beta of 0.4, indicating very low volatility over a year.
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