New Delhi:
Retail asset management firm Prudent Corporate Advisory Services said Monday it has raised just over Rs 159 crore from anchor investors ahead of the first share sale.
The company has decided to allocate a total of 25,30,651 shares to investors for Rs 630 each, aggregating the transaction to Rs 159.43 crore, according to the circular uploaded on BSE.
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 major investors .
The initial sale of 85,49,340 shares includes an offer to sell of 82,81,340 shares by Wagner Ltd and up to 2.68,000 shares by Shirish Patel.
Investor Wagner currently owns a 39.91 percent stake and Shirish Patel, the company’s Full-time Director and Chief Executive Officer, has a 3.15 percent stake.
The IPO with a price range of Rs 595-630 per share will be open for tender on May 10-12. At the higher end of the price range, the company will raise about Rs 538.61 crore via IPO.
Prudent Corporate Advisory Services is one of the leading independent retail wealth management services groups (excluding banks) in India and is one of the top mutual fund distributors in terms of average assets under management and commission received.
It provides a technology-based, comprehensive investment and financial services platform with end-to-end solutions essential for the distribution and presence of financial products across online and offline channels.
Half of the issue size is reserved for qualified institutional buyers (QIBs), 15 percent for non-institutional investors and 35 percent for retail investors. In addition, shares totaling Rs 6.5 crore are reserved for employees.
Investors can bid on a minimum of 23 shares and in multiples thereof.
As of December 31, 2021, the assets under management of the Mutual Fund Distribution Company (AUM) amounted to Rs 48,411.5 crore, with 92.14 percent of their total AUM being focused on equities.
The firm has provided asset management services to 1,351,274 unique retail investors through 23,262 mutual fund distributors on its business-to-business-to-consumer (B2B2C) platform, spanning 110 locations in 20 states.
Also, the number of AMFI Registration Number (ARN) holders affiliated with them was 23,262, representing 18.46 percent of the industry.
ICICI Securities, Axis Capital and Equirus Capital are the leading managers on the issue.