Prudential Corporate Advisory Services IPO: Retail wealth management firm Prudent Corporate Advisory Services is launching its IPO on May 10. For this, the company has fixed a price band of Rs 595-630 per share.
Prudent Corporate Advisory Services IPO: Retail wealth management firm Prudent Corporate Advisory Services has raised Rs. 539 crore IPO. The company on Thursday raised Rs. Price band of 595-630 is fixed.
The company said the three-day IPO will open for public subscription on May 10 and bidding for anchor investors will open on May 9.
Prudent Corporate Advisory Service said the IPO of 85,49,340 equity shares included an offer to sell 82,81,340 equity shares by Wagner Limited and 2,68,000 equity shares by Shirish Patel. Currently, investor Wagner owns 39.91 per cent and the company’s full-time director and CEO Shirish Patel holds 3.15 per cent. At a price above the price band, the company has raised about Rs. 538.61 crore.
Prudential Corporate Advisory Services is one of the leading independent retail wealth management services groups in India (excluding banks) and one of the top mutual fund distributors in terms of average assets under management and receives commissions. It provides a technology-enabled, comprehensive investment and financial services platform with critical end-to-end solutions for the distribution of financial products and has a presence in both online and offline channels.
Half of the issue size of this IPO (Prudent Corporate Advisory Services IPO) is reserved for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors and 35% for Retail Investors. Apart from this, up to Rs 6.5 crore equity shares are reserved for employees. Investors can bid for at least 23 shares and its multiples.
