Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, on Tuesday said it has fixed a price band of Rs 530-550 a share for its Rs 660-crore Initial Pubolic Offering (IPO), which will open for public subscription on December 2.

 The three-day IPO will conclude on December 6, the company said. The initial share sale is entirely an offer for sale (OFS) of 1.2 crore equity shares by promoters and existing shareholders. The OFS consists of the sale of 92.85 lakh equity shares by Anand Rathi Financial Services, and 3.75 lakh equity shares each by Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, and Feroze Azeez, and 90,000 equity shares by Jugal Mantri.

The issue includes a reservation of 2.5 lakh equity shares for employees. At the upper end of the price band, the initial share sale is expected to fetch Rs 660 crore. Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors, while 35 percent has been set aside for retail investors. Investors can bid for a minimum of 27 equity shares and in multiples of thereafter.

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