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Religare Enterprises Ltd, the financial services company owned by the promoters of Ranbaxy Pharmaceuticals, has filed the draft red herring prospectus with market regulator SEBI for an initial public offering. Religare, earlier known as Fortis Securities, is expected to raise about Rs 150-160 crore via IPO. It had recently launched a host of services like online and offline stock broking for retail, corporate and institutional clients.

Religare proposes to issue 11,364,152 equity shares of Rs 10 each at a price to be decided through a 100 per cent book building process. The shares will be listed on both Bombay and National Stock Exchanges. A press release said that the company may issue up to 3,788,050 equity shares to certain investors via a pre-IPO placement, so that many shares will be reduced from the IPO issue.

The book running lead managers to the Issue are Enam Financial Consultants and Citigroup Global Markets. Religare, along with its various subsidiaries, offers a wide range of services ranging from equities, commodities, insurance broking, wealth advisory, portfolio management, investment banking and institutional broking services.

The company's principal subsidiaries include: Religare Securities, Religare Finvest, Religare Commodities, and Religare Insurance Broking.

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