The initial public offering (IPO) of Anand Rathi Share and Stock Brokers opens for subscription today. The company plans to raise Rs 745 crore through a fresh issue of shares to meet its long-term working capital needs. After the issue, the stake of its promoter, Anand Rathi Financial Services, will decline from 98 percent to about 70 percent. The company is valued at Rs 2,596 crore at the upper band of the IPO price of Rs 414 per share. Catch Nandita Khemka in conversation with Pradeep Gupta, C