Prudent Corporate Advisory Services IPO: The initial public offering of popular integrated wealth management service provider Prudent Corporate Advisory Services Limited (PCASL) closed a day back after three days of bidding. The Prudent Corporate IPO was subscribed 1.22 times as of closing, seeing a decent response from investors. The Prudent IPO garnered bids for 73,30,928 shares against 60,18,689 shares on offer, as per official NSE data. Incorporated in 2003, the company offers mutual fund products, life and general insurance solutions, stock broking services, SIP with insurance, gold accumulation plan, asset allocation and trading platforms.
Prudent Corporate Service IPO Share Allotment, Listing Date
The share allotment of Prudent Corporate IPO is likely to be done next week on May 18, Wednesday. The share allotment can be checked on the official BSE website and the website of the registrar Link InTime India. The shares will list on May 23. The listing dat of Prudent Corporate IPO is tentatively May 23.
Prudent Corporate IPO Subscription Status
The Prudent Corporate Advisory Services IPO received a decent response, getting subscribed 1.22 times against the issue size. This was mainly backed by retail investors, with the category being subscribed 1.29 times against the portion set aside. Qualified institutional buyers (QIBs) was bid for 1.26 times of the shares set aside for them, while the employees category was subscribed 1.23 times. Meanwhile, the non institutional investors category saw a subscription of 0.99 times of the shares allocated.
Prudent Corporate Services IPO GMP Today
As per market observers, the grey market premium of Prudent Corporate IPO was standing at Rs 20 today, which is Rs 5 less than yesterday. The Prudent Corporate IPO GMP today was Rs 20, which means shares of Prudent Corporate are 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 Advisory IPO Price Band, Size
At the upper end of the price band, the company looks to raise Rs 538.61 crore through the IPO. It is entirely an offer for sale (OFS) of 85,49,340 equity shares. The price band of the Prudent Corporate Advisory IPO has been fixed at Rs 595-630 per equity share. Selling shareholder Wagner will offload 8.28 million shares or 50 per cent of its stake, while CEO Shirish Patel will sell 2.68 lakh shares.
“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 (“AAUM”) 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 with a CAGR of 34.4% and 32.5% respectively for the five year period ending Fiscal 2021,” the brokerage house added on Prudent Corporate IPO.