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Shares of the retail wealth management firm Prudent Corporate Advisory Services gave up listing gains to close lower on Friday.
Prudent Corporate listed at a premium on the bourses.The shares listed at the day’s high of ₹660 on the BSE, a 4.7 per cent premium against the issue price of ₹630. However, it erased the listing gains to trade at a discount and slipped to a low of ₹541.15 during the day. It closed at ₹562.70, down ₹67.30 or 10.68 per cent from the issue price.
The stock listed at ₹650.00 on the NSE, up ₹20.00 or 3.17 per cent from the issue price. It closed at ₹566.30.
The IPO was 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, the 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, it had alloted ₹159-crore worth shares to anchor investors at ₹630 a share.
Prudent Corporate is amongst the top mutual fund distributors in terms of average assets under management (AAUM) and commission received. It 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.
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