Comments
The initial public offering of retail wealth management firm Prudent Corporate Advisory Services was subscribed 36 per cent on the first day of subscription on Tuesday.
The public issue received bids for 21,85,276 shares against 60,18,689 shares on offer, according to data available with the stock exchanges.
The category for Retail Individual Investors (RIIs) was subscribed 72 per cent, while the portion set aside for non institutional investors received bids for just 2 per cent.
100% offer-for-sale
The ₹539-crore initial public offering of Prudent Corporate Advisory comes out with a price band as ₹595-630 while 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.
Anchor portion
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.
Prudent Corporate Advisory Services 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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.