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India-based Angel Broking files for IPO

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India-based Angel Broking files for IPO

India-based Angel Broking Ltd. filed a draft prospectus with the Securities and Exchange Board of India for its proposed IPO.

The offering will be a combination of a new share issuance of up to 3 billion rupees and a sale of the same size by promoters and other shareholders, according to a draft red herring prospectus filed Sept. 3.

As part of the offering, promoters Ashok Thakkar and Sunita Magnani will sell shares of up to 208.4 million rupees and 31.3 million rupees, respectively. International Finance Corp. will also divest shares of up to 1.20 billion rupees, with individual shareholders selling stock worth up to 1.56 billion rupees.

Proceeds from the issuance will be used to meet working capital requirements and for general corporate purposes.

The company's shares will be listed on BSE and National Stock Exchange of India.

ICICI Securities Ltd., Edelweiss Financial Services Ltd. and SBI Capital Markets Ltd. are book-running lead managers to the issue.

As of Sept. 3, US$1 was equivalent to 71.13 Indian rupees.