Angel Broking files IPO document with Sebi; to value firm at about Rs 25 bn

Angel Broking is a leading independent full-service retail broking house in the country in terms of active clients.

Domestic broking firm Angel Broking filed its offer document with market regulator Securities and Exchange Board of India (Sebi) on Wednesday. The company is looking to launch an initial public offering (IPO) that will raise Rs 6 billion from the market, half of which will comprise of fresh fund raising to the tune of Rs 3 billion. Through the IPO, promoter Ashok Thakkar and World Bank arm International Finance Corporation (IFC) will also divest a part of their holdings. The fresh capital will be used for meeting working capital requirements. ICICI Securities, Edelweiss Financial Services and SBI Capital Markets are