The stock allotment of the Prudent Corporate Advisory Services IPO, which was open for subscription last week, is likely to take place on Wednesday. The IPO of Rs 538.61 crore was subscribed 1.22 times at the close of bidding on May 12, which registered a decent response from investors. The gray market unlisted shares of the company are trading at a premium of Rs 20, suggesting a likely listing above the issue price of Rs 630 each.
Prudent Corporate Advisory Services IPO: Assignment
The share allotment announcement is likely to be made on Wednesday (May 18). It is proposed to list its shares on both NSE and BSE. The likely listing date is May 23. The allocation of the shares can be checked on the official BSE website and the website of the registrar Link InTime India. The shares are expected to be listed on the stock exchanges on May 23.
To check the status of the share allocation, select the company name as “Prudent Corporate Advisory Services — IPO” from the drop-down list on the Link Intime India website when prompted. Then select the PAN, application number, or depot/customer ID check box.
Therefore, enter the permanent account number or application number or depot/client ID in the box. Enter the given captcha in the space provided and click the submit button. This represents the number of shares applied and allocated to the investor.
Prudent Corporate Advisory Services IPO: GMP
According to the IPO Watch, shares of Prudent Corporate Advisory Services are currently trading at a premium of Rs 20 above the upper price band of Rs 630 apiece. It means the shares are trading in the gray market at Rs 650 each. The premium fluctuates based on market sentiment. The price range was set at Rs 595-630 per share.
Prudent Corporate Advisory Services IPO: Basic Data
The company expected to mop up Rs 538.61 crore through the public offer. The offering was entirely an offer for sale (OFS) of 85,49,340 shares. Selling shareholder Wagner would sell 8.28 million shares or 50 percent of his stake, while CEO Shirish Patel would sell 2.68 lakh shares.
The IPO had a 35 percent reservation for retail investors, while qualified institutional buyers (QIBs) could participate in 50 percent of the total issuance size. Non-institutional investors could participate in the remaining 15 percent of the IPO size.
Prudent Corporate Advisory Services IPO: What Brokers Said
“Prudent Corporate Advisory Services Limited is an independent wealth management services group in India and is one of the top mutual fund distributors in terms of average assets under management and commission received. The company 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 both online and offline channels,” Anand Rathi said in an IPO.
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