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One more broking house plans to hit the capital market. Angel Broking has filed its draft papers with SEBI to launch a ₹600-crore public issue.
The IPO comprises a fresh issue aggregating up to ₹300 crore and an offer-for-sale worth ₹120 crore by International Financial Corporation (investor selling shareholder) and another ₹156.038 crore by individual shareholders.
Besides, promoters — Ashok D Thakkar and Sunita A Magnani — will also sell shares worth ₹20.835 crore and ₹3.125 crore, respectively.
Utilisation of funds
The proceeds from the issue will be utilised to meet working capital requirements (₹230 crore) and general corporate purposes.
The equity shares will be listed on the BSE and the NSE. For the quarter ended June 30, 2018, Angel Broking had reported a profit of ₹25.59 crore on consolidated revenues of ₹193.71 crore.
For FY18, it had posted revenue of ₹764.76 crore and PAT of ₹107.93 crore.
ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book-running lead managers to the issue.
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