Prudent Corporate Advisory Services fixes IPO worth band at Rs 595-630 per share

Retail wealth administration agency Prudent Corporate Advisory Services on Thursday set a worth band of Rs 595-630 per share for its Rs 539-crore preliminary public providing (IPO).

The three-day preliminary share-sale will open for public subscription on May 10 and the bidding for anchor traders will open on May 9, in response to the corporate.

The preliminary share-sale of 85,49,340 fairness shares contains a suggestion on the market of 82,81,340 fairness shares by Wagner Ltd and as much as 2,68,000 fairness shares by Shirish Patel.

At current, investor Wagner owns 39.91 per cent shareholding, and Shirish Patel, a Whole-time Director and Chief Executive Officer of the corporate, has 3.15 per cent stake.

At the higher finish of the value band, the agency will elevate round Rs 538.61 crore through IPO.

Prudent Corporate Advisory Services is likely one of the main impartial retail wealth administration companies group (excluding banks) in India and is amongst the highest mutual fund distributors by way of common property beneath administration and fee obtained. It provides a expertise enabled, complete funding and monetary companies platform with end-to-end options important for monetary merchandise distribution and has presence throughout each on-line and offline channels.

Half of the difficulty dimension has been reserved for certified institutional patrons (QIBs), 15 per cent for non-institutional traders and 35 per cent for retail traders. Besides, fairness shares value as much as Rs 6.5 crore have been reserved for workers.

Investors can bid for at least 23 shares and in multiples thereof.

As of December 31, 2021, the corporate’s property beneath administration (AUM) from the mutual fund distribution enterprise stood at Rs 48,411.5 crore with 92.14 per cent of their complete AUM being fairness oriented.

The firm supplies wealth administration companies to 1,351,274 distinctive retail traders via 23,262 mutual fund distributors on their business-to-business-to-consumer (B2B2C) platform and are unfold throughout 110 areas in 20 states.

The variety of AMFI Registration Number (ARN) holders empanelled with them stands at 23,262, representing 18.46 per cent of the trade.

ICICI Securities, Axis Capital and Equirus Capital are the guide operating lead managers to the difficulty.