India's Anand Rathi Wealth Services (ARWAL), a wealth management arm of financial services firm Anand Rathi, has filed draft papers with the Securities and Exchange Board of India to raise 425 crore rupees ($58.4 million) through an initial public offering (IPO).
The company intends to use $10.3 million of the fresh issue for purchasing and furnishing of office premises.
Part of the proceeds will be invested in its subsidiaries AR Wealth Management and Freedom Intermediary Infrastructure for the upgrading of its software and other technology-related expenses.
ARWAL had recorded total revenues of $30.2 million and a comprehensive income of $7 million in the fiscal year 2018.