Angel Broking receives SEBI nod for Rs 600 cr IPO; proceeds from net issue will be utilised to meet working capital needs

New Delhi: Angel Broking has received markets regulator SEBI’s nod for its initial public offer to raise about Rs 600 crore. The regulator issued its “observation letter” on 26 July 2019, according to information available on the Securities and Exchange Board of India (SEBI) website. [caption id=“attachment_6013191” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] SEBI’s observations are necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer and rights issue. Angel Broking had filed its draft papers with the regulator on 5 September 2018. The initial public offer comprises equity shares of face value of Rs 10 each of Angel Broking Ltd aggregating up to Rs 600 crore. The IPO includes fresh issue of shares aggregating up to Rs 300 crore and an offer for sale of similar amount by promoter and other shareholders, according to the draft paper details. The proceeds from the net issue will be utilised to meet working capital requirements and for general corporate purposes. ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are the book running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE. Angel Broking is an independent full-service retail broking house in India.