Shares of retail wealth management firm Prudent Corporate Advisory Services will be listed on the bourses today (Friday). The IPO is priced at ₹630 with the upper end of the price band at ₹595-630.
The ₹539-crore initial public offering was subscribed 1.22 times. While the retail investors category was subscribed 1.29 times, qualified institutional buyers (QIBs) and non-institutional quotas saw subscription of 1.26 times and nearly one time, respectively. The employees category was subscribed 1.23 times.
Ahead of the IPO, Prudent Corporate had alloted ₹159-crore worth shares to anchor investors at ₹630 a share. Societe Generale, Kuber India Fund, DSP Mutual Fund (MF), HDFC MF, Axis MF, L&T MF, UTI MF, Canara Robeco MF, Motilal Oswal MF, Aditya Birla Sun Life MF, Kotak MF, and HSBC MF are among the anchor investor
About Prudent Corp
Prudent Corporate is an independent retail wealth management services group 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.
As of December 31, 2021, the company's assets under management from the mutual fund distribution business (AUM) stood at ₹48,411.5 crore with 92.14 per cent of their total AUM being equity-oriented.
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.