Angel One raises Rs 1,500 crore via QIP

Listed stockbroking firm Angel One has raised Rs 1,500 crore through a Qualified Institutional Placement (QIP) of shares.

The company sold 58,70,818 equity shares to qualified institutional buyers at a floor price of Rs 2555.01 per share, a 6.32% discount to the closing price of Rs 2727.60 on March 26. The QIP issue was open from March 26 to April 2.

What is the purpose of fundraising?

The company said it will use the raised capital primarily to fund the working capital requirements and expansion plans. Specific areas of focus include margin obligations fulfilled on behalf of clients, the margin trading facility provided to clients, and general corporate purposes. 

“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," said Dinesh Thakkar, Chairman and Managing Director.

Impact of digital transformation

Thakkar said the capital market landscape is rapidly evolving, with digital transformation playing a pivotal role. He said Angel One has witnessed a significant increase in engagement from Indian retail investors, with performance metrics such as gross client acquisition, number of orders, average daily turnover, turnover market share, and financial performance reaching new heights. 

With the QIP funds, the company aims to further enhance its offerings and reach, ensuring it remains at the forefront of the industry.