Anand Rathi Wealth Ltd, a subsidiary of Mumbai-based Anand Rathi, has filed preliminary papers with capital markets regulator Sebi in order to raise funds through an initial share sale. The draught red herring prospectus (DRHP) filed with Sebi on Tuesday revealed that the initial public offering (IPO) is entirely an offer for sale of 1.2 crore equity shares by promoters and existing shareholders.

Anand Rathi Financial Services Limited, Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, Jugal Mantri, and Feroze Azee are among those offering shares in the offer for sale.

Anand Rathi Wealth is a financial services company that specialises in mutual fund distribution and the sale of financial products.

The company explained the rationale for the listing, stating that the listing of Equity Shares will enhance its brand name and provide liquidity to existing shareholders.

Earlier in September 2018, the company filed draught papers with Sebi to raise Rs 425 crore through an initial public offering (IPO). However, the company later withdrew its proposed public offering.

Powered by Froala Editor