Search IPOs
SEBI Registered Merchant Banker · Mainboard: 8
8
Total IPOs Managed
+22.1%
Avg Listing Gain
8
Mainboard IPOs
-
SME IPOs
Anand Rathi Advisors Ltd. is the investment banking arm of the Anand Rathi Group. The group was started in 1994 by Mr. Anand Rathi and Mr. Pradeep Kumar Gupta, not long after India opened up its economy. That timing mattered — they built the business during a period when Indian capital markets were still finding their footing, which means they've seen most of what the market can throw at a firm.
The investment banking practice specifically has been running since 1995. Three decades in, it handles IPOs, follow-on offerings, QIPs, M&A advisory, private equity placements, and structured transactions. The team works across consumer, pharma, industrials, and financial services — so it's not a single-sector shop.
Samir Bahl leads the investment banking division as CEO. He has about 30 years of experience across India and the US, with prior stints at Centrum Capital and Thomson Financial in New York. Before that, he was India Country Head for Omgeo, a Thomson-DTCC joint venture. The background is more international than most domestic investment banking heads, which shows up in how cross-border mandates are handled.
On the broader group side, Anand Rathi runs 90+ own branches and 1,100+ partner outlets across India. Total registered clients across the group cross 10 lakh. It's a large operation — not a boutique that handles a handful of deals a year.
As a SEBI-registered merchant banker, Anand Rathi Advisors has acted as Book Running Lead Manager on several transactions, including the Anand Rathi Share & Stock Brokers IPO in 2025 and the Anand Rathi Wealth Limited IPO before that.
One thing worth noting for investors: Anand Rathi Advisors is functioning here as the Book Running Lead Manager, not the registrar. Those are two different roles. The BRLM manages the IPO process — pricing, marketing, book building. The registrar handles allotment and refunds. If you're looking for post-allotment queries, that goes to the registrar listed separately in the offer document.
Contact Details
Anand Rathi Advisors Ltd. 11th Floor, Times Tower Kamala City, Senapati Bapat Marg Lower Parel, Mumbai – 400 013
Phone: +91-22-6281-7000 Email: [email protected] Website: www.anandrathiib.com
| IPO | Segment | Open Date | Issue Size | Issue Price | Subscription | Listing Gain | Listing Date |
|---|---|---|---|---|---|---|---|
Crizac IPO
Listed
|
Mainboard | ₹860.0 Cr | ₹245 | 59.82× | +14.7% | ||
Anand Rathi Share IPO
Listed
|
Mainboard | ₹745.0 Cr | ₹414 | 20.66× | +4.4% | ||
Excelsoft Technologies IPO
Listed
|
Mainboard | ₹500.0 Cr | ₹120 | 43.19× | +12.5% | ||
Lalithaa Jewellery Mart IPO
Listed
|
Mainboard | ₹1,700.0 Cr | ₹201 | 66.63× | +31.8% | ||
| Mainboard | ₹22,562.0 Cr | ₹1,785 | 5.71× | - | |||
SS Retail IPO
Listed
|
Mainboard | ₹500.0 Cr | ₹424 | 107.41× | +47.2% | ||
| Mainboard | - | ₹600.0 Cr | - | - | - | - | |
Sathya Agencies IPO
Soon
|
Mainboard | - | ₹600.0 Cr | - | - | - | - |
A lead manager, also known as a merchant banker, is a SEBI-registered financial institution appointed by a company to manage its Initial Public Offering (IPO). The lead manager plays a central role in taking a company from the decision to go public all the way to its listing on BSE or NSE.
Key responsibilities of a lead manager include conducting due diligence on the issuer company, preparing the DRHP (Draft Red Herring Prospectus), filing documents with SEBI, setting the price band, managing the book building process, coordinating with stock exchanges, registrars, and bankers, and ensuring the IPO opens and closes smoothly.
The quality of the lead manager often influences investor confidence in the IPO. Reputed merchant bankers like SBI Capital, Axis Capital, IIFL, and others have a track record of managing successful listings. However, it is always advisable to evaluate the issuer company's fundamentals independently before applying to any IPO.
Disclaimer
IPO data shown on this page is for informational purposes only. Past performance of IPOs managed by a merchant banker does not guarantee future results. Always read the prospectus and consult a SEBI-registered financial advisor before investing.
A lead manager (merchant banker) is a SEBI-registered entity responsible for managing the entire IPO process — from due diligence and DRHP preparation, to filing with SEBI, setting the price band, managing book building, and coordinating the listing on BSE or NSE. They act as the primary intermediary between the issuer company and the investing public.
Anand Rathi Advisors Limited has managed 8 IPOs tracked on IPORise. You can view the complete list, subscription data, and listing performance in the table above.
High subscription reflects investor demand, which is shaped by company fundamentals, valuation, grey market sentiment, and broader market conditions. A capable lead manager contributes to better price discovery and institutional interest. However, subscription numbers alone are not a reliable measure of lead manager quality — evaluate the issuer independently.
You can verify the SEBI registration of any merchant banker on the official SEBI website (sebi.gov.in) under the "Intermediaries/Market Infrastructure Institutions" section. All SEBI-registered merchant bankers are listed with their registration number, validity, and contact details.
