Anand Rathi Advisors Ltd.
IPOs where Anand Rathi Advisors Ltd. acted as a book-running lead manager, with each issue’s size and listing outcome.
Track record on ipostation
ipostation's database lists Anand Rathi Advisors Ltd. as a book-running lead manager on 4 IPOs: all of them mainboard issues. Bidding dates recorded here run from Aug 2026 to Oct 2026. Of these, 2 have listed and 2 are between scheduling and listing. It shared every one of these mandates with at least one other lead manager.
Issue size is recorded for all 4 IPOs. They range from ₹500 Cr (SS Retail) to ₹22,562.71 Cr (NSE), with a median of ₹1,206.16 Cr. The 2 listed issues with a recorded size total ₹2,200 Cr; sizes for issues that have not listed are the amounts stated in their offer documents.
A listing-day change is recorded for 2 listed issues: 2 above the issue price. The median change was +41.4%, from +32.0% (Lalithaa Jewellery Mart) to +50.7% (SS Retail). These are past listing outcomes and say nothing about how a future issue will list.
Final overall subscription is recorded for all 3 issues whose bidding has closed. The median was 66.63x, ranging from 5.71x (NSE) to 107.41x (SS Retail).
Currently between scheduling and listing: HD Fire Protect and NSE.
Anand Rathi Advisors Ltd. has worked alongside 20 other lead managers on these issues. The 5 most frequent, by number of shared issues:
- Equirus Capital Ltd. — 2 shared issues
- IIFL Capital Services Ltd. — 2 shared issues
- 360 One WAM Ltd. — 1 shared issue
- Ambit Pvt.Ltd. — 1 shared issue
- Avendus Capital Pvt.Ltd. — 1 shared issue
IPOs with Anand Rathi Advisors Ltd. as lead manager
| IPO | Board | Status | Open date | Issue size | Price | Subscription | Listing gain |
|---|---|---|---|---|---|---|---|
| HD Fire Protect | Mainboard | Upcoming | 13 Oct 2026 | ₹712.31 Cr | ₹271 | — | — |
| NSE | Mainboard | Closed | 17 Sept 2026 | ₹22,562.71 Cr | ₹1,785 | 5.71x | — |
| SS Retail | Mainboard | Listed | 16 Sept 2026 | ₹500 Cr | ₹424 | 107.41x | +50.7% |
| Lalithaa Jewellery Mart | Mainboard | Listed | 17 Aug 2026 | ₹1,700 Cr | ₹201 | 66.63x | +32.0% |
Subscription is the final overall figure once bidding has closed; listing gain is the listing-day change against the issue price. “—” means not available.
What a book-running lead manager does
Under Regulation 23 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, an issuer must appoint one or more SEBI-registered merchant bankers, at least one of whom is a lead manager to the issue. When more than one merchant banker manages an issue, each one’s responsibilities for disclosures, allotment, refunds and underwriting are fixed in advance and set out in the draft offer document and the offer document.