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NTPCGREEN()                                                 19-11-2024       22-11-2024   102-108 138


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BLACKBUCK()                                                 13-11-2024       18-11-2024   259-273 54

















     

 

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Angel Broking IPO - Full Analysis

 

Company Details

Angel Broking is one of the largest independent full-service retail broking houses in India, in terms of active clients on NSE as of 30 June 2020. It is a technology led financial services company offering broking and advisory services, margin funding, loans against shares (through AFPL) and financial products distribution. Its broking services are offered through (i) online and digital platforms, and (ii) network of more than 11,000 Authorised Persons, as of 30 June 2020. The company has more than 4.39 million downloads of its Angel Broking mobile app and nearly 1 million downloads of Angel BEE app as of 30 June 2020. Through digital marketing, the company has been able to cover approximately 96.87% or 18,649 pin codes in India and manages INR132,540 million (INR13,254 crore) in client assets and over 2.15 million operational broking accounts as of 30 June 2020.

 

Angel Broking Ltd offers some of the key products and financial services to the clients:

1. Broking and Advisory

2. Margin Trading Facility

3. Investor Education

4. Loans against shares

5. Research Services

 

 

Promoters of Angel Broking – Dinesh D Thakkar, Ashok D Thakkar, Sunita A Magnani

 

 

Angel Broking IPO details
Subscription Dates	22 – 24 September 2020
Price Band	INR305 – 306 per share
Fresh issue	INR300 crore
Offer For Sale	INR300 crore
Total IPO size	INR600 crore
Minimum bid (lot size)	49 shares
Face Value	INR10 per share
Retail Allocation	35%
Listing On	NSE, BSE

 

 

 

Angel Broking’s financial performance (in INR crore)
	FY2018	FY2019	FY2020	Q1 FY2021
Revenue	780.0	784.1	754.7	246.6
Expenses	620.0	655.9	635.9	182.0
Net income	107.3	79.6	81.4	46.9
Net margin (%)	13.8	10.2	10.8	19.0

 

 All Dates

IPO Opening Date: 22 September 2020

IPO Closing Date: 24 September 2020

Finalisation of Basis of Allotment: 29 September 2020

Initiation of refunds: 30 September 2020

Transfer of shares to demat accounts: 1 October 2020

Listing Date: 5 October 2020

 

 

The Angel Broking Limited IPO Grey Market Premium price is 100-120,

 the Kostak rate is 300 and the Subject to Sauda is NA.

 

 

 

The primary focus is to profitably grow the retail broking, margin funding and distribution businesses through the online and digital platforms, “Angel Broking App”, “trade.angelbroking.com”, “Angel SpeedPro”, “Angel BEE”, which are powered by “ARQ”, a rule-based investment engine. They believe that they are positioned to benefit from the development of the Indian financial market, increased emphasis on digitalisation, and growth in the returns from such financial investments.

 

Angel Broking has received several awards and accolades for the services and products, including ‘Best performing retail member – Pan India 2016-17’ Award at Market Achievers Awards organised by NSE, one of the ‘Top Volume Performers in Equity Retail Segment 2016-17’ by BSE, the ‘Fulcrums of Commodity Derivatives Market’ Award by MCX in 2018 and the ‘Best Technology House of the Year’ in 2016 at the ASSOCHAM Excellence Awards. They provide a wide range of financial services to the clients including and in relation to:

 

 

• One of the largest retail broking houses with strong brand equity
• Client acquisition through diversified digital platforms
• Integrated, end to end, and advanced digital experience ensuring client satisfaction
• Diversified product offering across segments at competitive price
• Robust business metrics building operating leverage
• Experienced management team with proven execution capabilities

Angel Broking Limited IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

• One of the largest retail broking houses with strong brand equity
• Ensuring client satisfaction through the implementation of advanced technology and digitalisation
• Strong client base through their online and digital platform and sub-broker network
• Significant market share in the cash and commodity segment
• Track record of continuous growth and strong financial performance
• Proven and experienced management team and execution strength

The relevant quantitative factors are:

	Basic & Diluted EPS	RONW (%)	NAV (Rs.)
31-Mar-18	14.91	22.61	–
Mar-19	11.09	15.02	–
31-Mar-20	11.44	13.92	82.15.

Industry P/E Ratio:

Particulars	P/E ratio
Highest	54.7
Lowest	5.4
Average	24.1

Particulars	Face Value  (in Rs.)	EPS (In Rs.)	NAV (In Rs.)	P/E Ratio	RONW
Angel Broking	10	11.44	82.15	NA	13.92
PEERS
ICICI Securities	5	16.8	37.5	28.4	44.32
Geojit Financial	1	2.0	23.8	19.4	8.91
IIFL Holdings	2	7.3	27.5	5.7	26.39
Motilal Financial	1	12.2	210.9	56.0	4.15
JM Financial	1	6.5	96.7	12.6	9.69

 

BOOK RUNNING LEAD MANAGERS

ICICI Securities Limited Edelweiss Financial Services Limited SBI Capital Markets Limited

Registrar to the Offer

Link Intime India Private Limited C-101, 1st floor, 247 Park, Lal Bahadur Shastri Maarg Vikhroli (West), Mumbai 400 083 Tel: +91 22 4918 6200, Fax: +91 22 4918 6195 E-mail: angel.ipo@linkintime.co.in Investor Grievance E-mail: angel.ipo@linkintime.co.in Website: www.linkintime.co.in Contact Person: Shanti Gopalkrishnan SEBI Registration No.: INR000004058

Top Stock Brokers Review	Company Reputation	Competitive Edge	Financial Statement	Popularity Index	Promoters Reputation
Angel Broking	7.5/10	7.4/10	8.5/10	8.1/10	7.1/10
Sharekhan	7.2/10	7.1/10	8.6/10	8.1/10	7.2/10
Kotak Securities	7.3/10	7.5/10	8.4/10	8.1/10	7.3/10
ICICI Direct	7.3/10	7.3/10	8.7/10	8.1/10	7.1/10
IIFL	7.5/10	7.2/10	8.8/10	8.0/10	7.1/10
Edelweiss	7.5/10	7.4/10	8.4/10	8.3/10	7.2/10
Zerodha	7.4/10	7.1/10	8.5/10	8.1/10	7.0/10
5Paisa	7.1/10	7.1/10	8.4/10	8.1/10	7.1/10
Karvy	7.4/10	7.3/10	8.2/10	8.1/10	7.1/10
Motilal Oswal	7.1/10	7.1/10	8.6/10	8.3/10	7.2/10

 Analysis

The most important point to remember is how Angel Broking ha grown in numbers, during the Covid 19 pandemic - during the Covid lockdown period, angel Broking has opened around one lakh Demat accounts every month and live trading has increased in leaps and bounds. This shows that the trading population has faith and trust in the Angel brand and that’s what pushing the grey market premium of Angel Broking Shares. There are unconfirmed reports that the shares could see around 20% listing gain on the listing date itself. Angel Broking’s Digital outreach in recent times have ensured that they stay up-to-date with the latest in Trading Technology and provide the best trading solution..