Angel One raises Rs 1,500 Cr through QIP
Angel One will use this capital raised towards funding margin obligations and general corporate purpose
Angel One, a leading retail stock broking house in India, has raised Rs 1,500 crore through a qualified institutional placement (QIP) issue with participation from both domestic and foreign investors.
The QIP was set at a floor price of Rs 2555.01 per equity share with a face value of Rs 10 each. The issue opened on March 26 and closed on April 2.
According to a statement, the proceeds of the QIP will be used for working capital requirements towards funding the margin obligations and general corporate purposes.
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“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," Angel One CMD Dinesh Thakkar said.
Thakkar also noted that Angel One has seen strong growth across various indicators such as gross client acquisition, number of orders, average daily turnover, and turnover market share.
In FY23, Angel One registered a revenue of Rs 3,021 crore, at a growth of 31.5%, while net profit touched Rs 890 crore, rising 42.4%.
The company's client base increased from 1.8 million in FY19-20 to 13.8 million in FY22-23.
Edited by Swetha Kannan
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