Prudent Corporate Advisory Services IPO: The IPO of the popular Prudent Corporate Advisory Services Limited (PCASL) integrated wealth management services company closed a day ago after three days of bidding. The Prudent Corporate IPO was subscribed to 1.22 times at closing, with a decent response from investors. The Prudent IPO garnered bids for 73,30,928 shares against 60,18,689 shares offered, according to official NSE data. Founded in 2003, the company offers mutual fund products, life and non-life insurance, stock brokerage services, SIP with insurance, gold accumulation plan, asset allocation and trading platforms.
Prudent Corporate Service IPO Share Assignment, Listing Date
The Prudent Corporate IPO share allocation is likely to take place next week on Wednesday, May 18. The share allocation can be checked on the official BSE website and the registrar’s website Link InTime India. The shares will be listed on May 23. The listing date of Prudent Corporate IPO is tentatively May 23.
Prudent Corporate IPO Subscription Status
The IPO of Prudent Corporate Advisory Services received a decent response and was subscribed 1.22 times at the issue size. This was mainly supported by retail investors, with the category subscribed to 1.29 times against the reserved portion. Qualified institutional buyers (QIBs) were offered 1.26 times of their reserved shares, while the employee category was subscribed for 1.23 times. Meanwhile, the non-institutional investor category saw a subscription of 0.99 times in the allocated shares.
Prudent Corporate Services IPO GMP today
According to market observers, the gray market premium of Prudent Corporate IPO stood at Rs 20 today, which is Rs 5 less than yesterday. Today’s Prudent Corporate IPO GMP was Rs 20 meaning shares of Prudent Corporate are trading at Rs 650 in the gray market (Rs 630 + Rs 20). This points to a decent listing for Prudent Corporate Advisory Services’ IPO later this month.
Prudent Corporate Advisory IPO Price Band, Size
At the higher end of the price range, the company appears to be raising Rs 538.61 crore through the IPO. It is entirely an offer for sale (OFS) of 85,49,340 shares. The price range of the Prudent Corporate Advisory IPO is set at Rs 595-630 per share share. Selling shareholder Wagner will sell 8.28 million shares or 50 percent of his stake, while CEO Shirish Patel will sell 2.68 lakh shares.
“Prudent Corporate Advisory Services Limited is an independent wealth management services group in India and is one of the top distributors of mutual funds in terms of average assets under management (“AAUM”) and commission received. The company provides a technology-enabled, comprehensive investment and financial services platform with end-to-end solutions essential for the distribution and presence of financial products, both online and offline
channels,” Anand Rathi said in an IPO note.
“The company grew faster among national distributors (among the top 10 mutual fund distributors) in terms of commission and AAUM at a CAGR of 34.4% and 32.5%, respectively for the five-year period ending fiscal 2021.” added the brokerage on Prudent Corporate IPO.
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