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| Angel Broking IPO - Full Analysis |
Aaj ka post ek bahut hi unique IPO ke baare me hain. Ye IPO hai desh ke number 1 broker Angel broking ke upar. Is video me hum aapko batayenge full analysis, company financials, is IPO ke pros and cons, and aap kaise is IPO ko subscribe kar sakte hain aur kya kehna hai is IPO ke baare me top securities and investment companies ka.
Company Details
Angel Broking is one of the largest independent full-service retail broking houses in India, in terms of active clients on NSE as of 30 June 2020. It is a technology led financial services company offering broking and advisory services, margin funding, loans against shares (through AFPL) and financial products distribution. Its broking services are offered through (i) online and digital platforms, and (ii) network of more than 11,000 Authorised Persons, as of 30 June 2020. The company has more than 4.39 million downloads of its Angel Broking mobile app and nearly 1 million downloads of Angel BEE app as of 30 June 2020. Through digital marketing, the company has been able to cover approximately 96.87% or 18,649 pin codes in India and manages INR132,540 million (INR13,254 crore) in client assets and over 2.15 million operational broking accounts as of 30 June 2020.
Angel Broking Ltd offers some of the key products and financial services to the clients:
1. Broking and Advisory
2. Margin Trading Facility
3. Investor Education
4. Loans against shares
5. Research Services
Promoters of Angel Broking – Dinesh D Thakkar, Ashok D Thakkar, Sunita A Magnani
Angel Broking’s financial performance (in INR crore) |
||||
|
|
FY2018 |
FY2019 |
FY2020 |
Q1 FY2021 |
|
Revenue |
780.0 |
784.1 |
754.7 |
246.6 |
|
Expenses |
620.0 |
655.9 |
635.9 |
182.0 |
|
Net income |
107.3 |
79.6 |
81.4 |
46.9 |
|
Net margin (%) |
13.8 |
10.2 |
10.8 |
19.0 |
All Dates
IPO Opening Date: 22 September 2020
IPO Closing Date: 24 September 2020
Finalisation of Basis of Allotment: 29 September 2020
Initiation of refunds: 30 September 2020
Transfer of shares to demat accounts: 1 October 2020
Listing Date: 5 October 2020
The Angel Broking Limited IPO Grey Market Premium price is 100-120, the Kostak rate is 300 and the Subject to Sauda is NA.
The primary focus is to profitably grow the retail broking, margin funding and distribution businesses through the online and digital platforms, “Angel Broking App”, “trade.angelbroking.com”, “Angel SpeedPro”, “Angel BEE”, which are powered by “ARQ”, a rule-based investment engine. They believe that they are positioned to benefit from the development of the Indian financial market, increased emphasis on digitalisation, and growth in the returns from such financial investments.
Angel Broking has received several awards and accolades for the services and products, including ‘Best performing retail member – Pan India 2016-17’ Award at Market Achievers Awards organised by NSE, one of the ‘Top Volume Performers in Equity Retail Segment 2016-17’ by BSE, the ‘Fulcrums of Commodity Derivatives Market’ Award by MCX in 2018 and the ‘Best Technology House of the Year’ in 2016 at the ASSOCHAM Excellence Awards. They provide a wide range of financial services to the clients including and in relation to:
● One of the largest retail broking houses with strong brand equity
● Client acquisition through diversified digital platforms
● Integrated, end to end, and advanced digital experience ensuring client satisfaction
● Diversified product offering across segments at competitive price
● Robust business metrics building operating leverage
● Experienced management team with proven execution capabilities
Angel Broking Limited IPO – Basis of the Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
● One of the largest retail broking houses with strong brand equity
● Ensuring client satisfaction through the implementation of advanced technology and digitalisation
● Strong client base through their online and digital platform and sub-broker network
● Significant market share in the cash and commodity segment
● Track record of continuous growth and strong financial performance
● Proven and experienced management team and execution strength
The relevant quantitative factors are:
|
|
Basic & Diluted EPS |
RONW (%) |
NAV (Rs.) |
|
31-Mar-18 |
14.91 |
22.61 |
– |
|
Mar-19 |
11.09 |
15.02 |
– |
|
31-Mar-20 |
11.44 |
13.92 |
82.15. |
Industry P/E Ratio:
|
Particulars |
P/E ratio |
|
Highest |
54.7 |
|
Lowest |
5.4 |
|
Average |
24.1 |
|
Particulars |
Face Value (in Rs.) |
EPS (In Rs.) |
NAV (In Rs.) |
P/E Ratio |
RONW |
|
Angel Broking |
10 |
11.44 |
82.15 |
NA |
13.92 |
|
PEERS |
|
|
|
|
|
|
ICICI Securities |
5 |
16.8 |
37.5 |
28.4 |
44.32 |
|
Geojit Financial |
1 |
2.0 |
23.8 |
19.4 |
8.91 |
|
IIFL Holdings |
2 |
7.3 |
27.5 |
5.7 |
26.39 |
|
Motilal Financial |
1 |
12.2 |
210.9 |
56.0 |
4.15 |
|
JM Financial |
1 |
6.5 |
96.7 |
12.6 |
9.69 |
BOOK RUNNING LEAD MANAGERS |
|
ICICI Securities Limited Edelweiss Financial Services Limited SBI Capital Markets Limited |
|
Top Stock Brokers Review |
Company Reputation |
Competitive Edge |
Financial Statement |
Popularity Index |
Promoters Reputation |
|
Angel Broking |
7.5/10 |
7.4/10 |
8.5/10 |
8.1/10 |
7.1/10 |
|
Sharekhan |
7.2/10 |
7.1/10 |
8.6/10 |
8.1/10 |
7.2/10 |
|
Kotak Securities |
7.3/10 |
7.5/10 |
8.4/10 |
8.1/10 |
7.3/10 |
|
ICICI Direct |
7.3/10 |
7.3/10 |
8.7/10 |
8.1/10 |
7.1/10 |
|
IIFL |
7.5/10 |
7.2/10 |
8.8/10 |
8.0/10 |
7.1/10 |
|
Edelweiss |
7.5/10 |
7.4/10 |
8.4/10 |
8.3/10 |
7.2/10 |
|
Zerodha |
7.4/10 |
7.1/10 |
8.5/10 |
8.1/10 |
7.0/10 |
|
5Paisa |
7.1/10 |
7.1/10 |
8.4/10 |
8.1/10 |
7.1/10 |
|
Karvy |
7.4/10 |
7.3/10 |
8.2/10 |
8.1/10 |
7.1/10 |
|
Motilal Oswal |
7.1/10 |
7.1/10 |
8.6/10 |
8.3/10 |
7.2/10
|
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