The ₹539-crore initial public offering of Prudent Corporate Advisory opens today for public subscription. The company has fixed the price band as ₹595-630 and the lot size is 23 shares.
The issue is entirely offer-for-sale selling shareholder Wagner, which will offload 82.8 lakh shares or 50 per cent of its stake, while CEO Shirish Patel will sell 2.68 lakh shares.
Ahead of IPO, Prudent Corporate Advisory Ltd on Monday allotted 25,30,651 lakh shares at ₹630 a share to 24 anchor investors and raised ₹159.43 crore.
Some of the anchor investors included DSP Small Cap Fund, Axis Mutual Fund Trustee Limited A/c Axis Mutual Fund A/c Axis Growth Opportunities Fund, HDFC Mutual Fund - HDFC Multi Cap Fund, Nippon Life India Trustee Ltd- A/c Nippon India Growth Fund, L&T Mutual Fund Trustee Limited - L&T Emerging Businesses Fund, Quant Mutual Fund - Quant Small Cap Fund, Motilal Oswal Midcap 30 Fund, Canara Robeco Mutual Fund A/c Canara Robeco Small Cap Fund, UTI Banking and Financial Services Fund, Aditya Birla Sun Life Trustee Private Limited A/c Aditya Birla Sun Life Small Cap Fund, HSBC Small Cap Equity Fund, Kotak Equity Hybrid and Societe Generale.
ICICI Securities Limited, Axis Capital Limited and Equirus Capital Private Ltd are the Book Running Lead Managers to the issue.
About Prudent Corporate
Prudent Corporate Advisory Services (Prudent) provides retail wealth management services and offers mutual fund products, life and general insurance solutions, stock broking services, SIP with insurance, gold accumulation plan, asset allocation and trading platforms. The company was incorporated in 2003, and operates digital platforms like FundzBazar, PrudentConnect, Policyworld, WiseBasket and CreditBasket.
According to Reliance Securities, the company’s AUM of mutual fund distribution business grew from ₹16,700 crore in FY18 to ₹48,400 crore as of 9MFY22, with 92 per cent of the total AUM being equity oriented. Prudent participated in the bidding process for the transfer of Karvy Stock Broking and acquired the entire mutual fund folios/AUM of Karvy’s in Nov’2021.