Prudent Corporate Advisory Services Ltd’s (PCASL) initial public offering (IPO), which opened for subscription on May 10 and closed on May 12, was subscribed 1.22 times as of closing, seeing a decent response from investors. The IPO received bids for 73,30,928 shares against 60,18,689 shares on offer. The company’s unlisted shares in the grey market are trading at a premium of Rs 20.
Prudent Corporate Services IPO GMP Today
The grey market premium (GMP) of Prudent Corporate IPO on Sunday stood at Rs 20. It means shares of Prudent Corporate were trading at Rs 650 at the grey market (Rs 630 + Rs 20). This indicates a decent listing for the Prudent Corporate Advisory Services IPO later this month.
Prudent Corporate Service IPO: Share Allotment, Listing Date
The company’s share allotment is likely to take place on May 18. The share allotment can be checked on the official BSE website and the website of the registrar Link InTime India. The shares are expected to be listed on the stock exchanges on May 23.
To check the share allotment status, select the company name as ‘Prudent Corporate Advisory Services — IPO’ from the drop-down list on the Link Intime India website when it gets declared. After that check box either PAN, application number or depository/client ID. Accordingly, enter the permanent account number or application number or depository/ client ID in the box. Enter the given captcha in the provided space and click the submit button. This will display the number of shares that have been applied and allotted to the investor.
Prudent Corporate Service IPO: Other Basis Details
Prudent Corporate Service is a popular integrated wealth management service. Through the IPO, the company expects to raise Rs 538.61 crore. The price band of the Prudent Corporate Advisory IPO was fixed at Rs 595-630 per equity share. The offer was entirely an offer for sale (OFS) of 85,49,340 equity shares. Selling shareholder Wagner was to offload 8.28 million shares or 50 per cent of its stake, while CEO Shirish Patel was to sell 2.68 lakh shares.
In the Rs 538.61-crore IPO, a bidder could bid for a minimum of one lot and maximum 13 lots. A lot had Prudent Corporate’s 23 shares. The announcement of share allocation is likely to be made on May 18. Its shares are proposed to be listed on both NSE and BSE. The likely date for share listing is May 23. Link Intime India Private Ltd has been appointed as the official registrar for the offer.
“Prudent Corporate Advisory Services Limited is an independent retail wealth management services group in India and is amongst the top mutual fund distributors in terms of average assets under management and commission received. The company offers a technology-enabled, comprehensive investment and financial services platform with end-to-end solutions critical for financial products distribution and presence across both online and offline channels,” said Anand Rathi in an IPO note.
“The company grew faster among national distributors (amongst the top 10 mutual fund distributors) in terms of commission and AAUM (average assets under management) with a CAGR (compound annual growth rate) of 34.4 per cent and 32.5 per cent respectively for the five year period ending fiscal 2021,” the brokerage house added on Prudent Corporate IPO.