Angel Broking Ltd IPO

Over the last three years, Angel Broking has constantly undertaken digital initiatives to transform its business (traditionally relied on physical infrastructure). As a result, it has been able to widen its reach and steadily grow clients acquired from Tier 3 and beyond cities. Over the Q2FY20-Q1FY21 ~80% of its clients were acquired digitally with ~50% acquired through performance marketing. Focused digital marketing strategies has enabled Angel Broking to increase its market share in incremental Demat accounts from 4.2% in FY18 to 14.7% in Q1FY21.

Angel Broking is India’s 4th largest retail focused broking house (based on active clients on NSE). Since inception, it’s client centric approach and adaptability (from branches to digital) has enabled it to sustain in a more challenging retail broking industry and it is now able to match growth rates (for incremental client additions) posted by other discount brokers. Considering its digital offerings, physical reach and its brand strength, we believe that Angel Broking can continue to benefit from higher retail participation and industry consolidation.