Prudent Corporate Advisory IPO- price band

Prudent Corporate Advisory IPO- price band

The Initial Public Offer (.20) offer of Prudent Corporate Advisory Services, a firm providing services related to wealth management is opening from tomorrow i.e. Tuesday, May 40. The company kept a price band of Rs.595 to Rs.630 per share for its? 0. Investors can bid for this till May 12.

Prudent Corporate Advisory IPO- price band

Anchor investors raised Rs 459 crore

Prudent Corporate Advisory has raised Rs 459 crore from anchor investors on Monday, a day before the issue. The company’s issue opens on May 10 and will close on May 12. The company has allotted 25,30,654 shares to Acre investors at the rate of Rs 630 per share. Accordingly, the company raised Rs 159.43 crore before the issue opens.

Prudent Corporate Advisory is set to raise Rs 538.6 crore through its IPO. It is completely offer-for-sale. That means the company has not issued new shares, but its promoters and investors have put their shares for sale. Therefore, the money received from the IPO will not go to the company’s account and will go to its investors and promoters.

The company has put up a total of 85,49,340 equity shares for sale under the IPO. Out of this, 82,81,340 shares have been put up for sale by the company’s shareholder Wager Ltd., while the company’s CEO Shirish Patel is selling 2,68,000 shares.

Prudent Corporate Advisory IPO GMP Today

The gray market premium (GMP) of Prudent Corporate Advisory shares in the unlisted market was Rs 30 on Monday. This means that the gray market currently expects Prudent Corporate Advisory shares to be listed on the stock exchange at Rs 660 (₹630 upper price band + ₹30 GMP).

23 shares in one lot

Investors can place lot-wise bids for Prudent Corporate Advisory K II. The company will have 23 shares in one lot. Thus, investors will have to invest a minimum of Rs 14,490 (630 * 23) to bid a lot. Retail investors can bid for a maximum of 43 lots.

35% shares reserved for retail investors

50% of the shares of Prudent Corporate IPO are reserved for Qualified Institutional Buyers (QIBs). The company has reserved 35 percent shares for retail investors. 15 percent of the shares have been set aside for non-institutional investors (NII).

About the company

Prudent Corporate Advisory Services Limited (PCASL) is a leading Wealth Management Firm in the country. It is counted among the top mutual fund distributors in the country. Company Insurance, Portfolio Management Scheme, Alternative Investment Fund, Corporate Fixed Deposit, Bonds, Unlisted Equities, Stocks, Broking Solutions, a loan against securities, is also in business like NPS. The company works on commission from third parties for the distribution of products. Hot FundzBazar provides Digital Wealth Management services through PrudentConnect, Policyworld, WiseBasket, Prubazar, and CricketBasket.

The AUM of the Mutual Fund Distribution business of the Company as of 31st December 2024 is 48.41 trillion.
The total AUM of the company is 92. 14 percent based on equity. The company distributes life and general insurance products in India through a wholly-owned subsidiary named Gennext.

Should you subscribe?

Brokerage firm Angel One has given the IPO of Prudent Corporate a neutral rating. The brokerage said, “We believe that Prudent has a strong retail business model, which gives it an edge over its competitors, and not be easy for anyone else to adopt this business model. However, it has a competitive edge when compared to its peers. The valuations seem a bit pricey, which may limit any gains in the near term, so we recommend a neutral rating for this IPO.

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