Angel Broking Ltd. is one of the largest independent full-service retail broking houses in India in terms of active clients on NSE as of June 30, 2020 (Source: CRISIL Report). They have a strong market presence with active clientele on the National Stock Exchange (NSE) with a market share of around 6.3% and 2.15 million operational broking accounts as of June 2020. Its broking services are offered through its online and digital platforms, and its network of more than 11,000 sub-brokers, as of June 30, 2020.

Angel Broking Ltd offers below mentioned products and financial services to the clients:

  • Broking and Advisory
  • Margin Trading Facility
  • Loans against shares
  • Research Services


Issue Details
Objects of the issue ·         To meet working capital requirements;

·        General corporate purposes.


Issue Size  Rs.600 Crore
Face value  

Rs.10 Per Equity Share

Issue Price Rs. 305 – Rs. 306
Bid Lot 49 shares
Listing at  


Issue Opens: 22nd September 2020 – 24th  September 2020
QIB 50% of Net Issue Offer
NIB 15% of Net Issue Offer
Retail 35% of Net Issue Offer

Financial Performance:



Shareholding Pattern:

Shareholding Pattern Pre- Issue Post Issue
Promoters & Promoters Group 55.20% 47.67%
Public& Others 44.80% 52.33%

Source: DRHP, EWAL Research



  • One of the largest retail broking houses with strong brand equity with Significant market share in the cash and commodity segment.

  • Client acquisition through diversified digital platforms.

  • Integrated, end to end, and advanced digital experience ensuring client satisfaction.

  • Strengthen the leadership position to become the largest retail broking business in India.

  • Track record of continuous growth and strong financial performance.

Key Highlights:

  • New client activation has access to approximately 79.55 miliion persons as of June 30, 2020. its average daily turnover has been increased from ₹ 253,17.6 cr. in Q1 FY20 to ₹ 618,94.5 cr. in Q1 FY21.

  • The Consolidated Total Revenue from Operations was ₹ 238.42 crore, ₹ 724.62 crore, ₹ 757.98 crore, and ₹ 764.28 crore respectively.

  • In Financial Years 2018, 2019, 2020 and period ended June 30, 2020 revenue from brokerage income represented 61.34%, 63.95%, 66.77% and 72.21% of total income, respectively.

Risk Factors:

  • The Company faces various risks due to its reliance on third-party intermediaries, sub-brokers, vendors and service providers.

  • Lalit T. Thakkar, one of the members of the Promoter Group and one of the Selling Shareholders, has in the past been debarred from accessing capital markets.

  • A significant portion of Company’s revenue and income from brokerage business is derived from relatively few clients.


Angel Broking Limited is one of the largest independent full-service retail broking house in India in terms of active clients on NSE as of June 30, 2020 (Source: CRISIL Report). The Company provides a wide range of financial services to the clients including and in relation to Broking and Advisory & Other Financial Services. The Profit from Continuing Operations as restated was ₹ 48.26 crore, ₹ 86.79 crore, ₹ 83.40 crore and ₹ 109.79 crore respectively. The Return on Net Worth for equity shareholders (RoNW) for the period ended June 30, 2020 was 7.40% (not annualized) and Financial Year 2020 was 13.92%.Considering all factors and risk parameter of the company We would recommend Avoid rating to this IPO.


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