Angel One shares gain attention as QIP begins; floor price at Rs 2,555 each with a 6% discount

Angel One shares: Following the brokering company’s qualified institutional placement (QIP) launch on Wednesday morning, the shares of Angel One Ltd. will be under scrutiny. A 6.32 percent discount to Tuesday’s closing price of Rs 2,727.60 on the BSE was applied to the QIP issue, which has a floor price of Rs 2,555.01 per share. In order to review and approve the issue price for shares that will be distributed to eligible institutional buyers as part of the offering, Angel One announced that a meeting of its securities issuance committee is set for Tuesday, April 2.

With input from the Book Running Lead Managers assigned to the matter, the broking firm would decide the issue price.

In order to support margin funds with the stock exchanges and facilitate higher levels of operations by its expanding clientele, Angel One announced last month that it would be raising up to Rs 2,000 crore. It also mentioned the necessity of funding the expanding client funding book and taking advantage of numerous new opportunities in the fintech industry that are opening up throughout the inorganic universe.

“To carefully manage such growth in volumes, the company has required increased working capital on a continuous basis due to its expanding clientele, increased activity in a variety of cash and derivative products, and the steadily rising number of orders placed on its platform. Working capital requirements have increased for all industry participants as a result of some recent regulatory updates, according to a statement made by Angel One last month.