Seshaasai Technology, Anand Rathi, Solarworld & Jaro IPO Important RHP Points

Original: Seshaasai Technology, Anand Rathi, Solarworld & Jaro IPO Important RHP Points

54.4K views · Sep 23, 2025 · 24:25 min · Watch on YouTube ↗

Takeaway

Anand Rathi Brokers IPO offers solid retail broker with strong growth and reasonable valuation, but Motilal Oswal/IIFL Capital outperform on some metrics.

Summary

Anand Rathi Share & Stock Brokers IPO (different from listed Anand Rathi Wealth) — pure retail broker with 8.86 lakh total clients, 2.21 lakh active (+26% YoY); 90 branches across 54 cities.
Revenue Rs 847 cr: Rs 510 cr broking, Rs 192 cr non-broking; 44% clients have 5+ year relationships; Rs 4,949 cr MF AUM, Rs 1,510 cr PMS AUM.
IPO: Rs 745 cr fully fresh issue at Rs 393-414 band; market cap Rs 2,596 cr; lot 30 shares; QIB 50%/NII 15%/Retail 35%.
Financials: 3-year revenue 34% CAGR, EBITDA 64% CAGR, PAT 65% CAGR; PAT margin 8-12%; ROE 23%, ROCE 21% — in line with peers.
Debt of Rs 905 cr (vs Rs 503 cr equity, 1.7x D/E) from margin trading book — common in brokers; peers like IIFL Capital have better return ratios.

IPOAnand-Rathibroker

Original description

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What is in for you?
00:00 Intro
0036:00 Ananad Rathi about company
03:22 Promoters
03:32 IPO details
04:33 Peer comparison
07:07 Valuation
09:05 Sheshaasai 
16:07 Promoter group
16:19 IPO details
16:42 Financials
19:00 Solarworld
19:36 Financials
20:19 Peer comparison
21:24 IPO details
22:54 Jaro Institute