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The ₹539-crore initial public offering of retail wealth management firm Prudent Corporate Advisory Services closes for the subscription today. The IPO has a price band of ₹595-630 a share and a market lot of 23 shares.
The IPO has been subscribed 57 per cent subscription on the second day of the offer on Wednesday. It received bids for 34,04,391 shares against 60,18,689 shares on offer.
Retail portion covered fully
Retail Individual Investors category got subscribed fully, 1.05 times, while non-institutional investors received bids for just 19 per cent. Qualified institutional buyers are yet to make a bid. On Monday, Prudent Corporate said it has raised a little over ₹159 crore from 24 anchor investors.
Equirus Capital, ICICI Securities, and Axis Capital are the managers of the offer. Prudent Corporate is one of the leading independent retail wealth management services groups (excluding banks) in India and is among the top mutual fund distributors in terms of average assets under management and commission received.
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