Prudent Corporate Advisory Services IPO: Everything it’s worthwhile to know

The Rs 538.61 crore Prudent Corporate Advisory Services IPO will probably be obtainable for subscription until Thursday, May 12, 2022, and the worth band of the corporate has been mounted at Rs 595-630 per share.

Prudent Corporate Advisory Services is without doubt one of the main unbiased retail wealth administration companies teams (excluding banks) in India and is among the many prime mutual fund distributors when it comes to common property beneath administration and fee obtained. The firm gives a technology-enabled, complete funding and monetary companies platform with end-to-end options important for monetary merchandise distribution and presence throughout on-line and offline channels.

The IPO is a proposal on the market of as much as 82,81,340 fairness shares by Wagner Ltd and as much as 2,68,000 fairness shares by Shirish Patel. The firm is not going to obtain any proceeds from the provide and all proceeds will go to the promoting shareholders.

Presently, investor Wagner owns 39.91 per cent shareholding, and Shirish Patel, a Whole-time Director and CEO of the corporate, has 3.15 per cent stake.

Half of the problem dimension has been reserved for certified institutional patrons (QIBs), 35 per cent for retail buyers and the remaining 15 per cent for non-institutional buyers.

Investors who want to subscribe to Prudent IPO can bid in lots of 23 fairness shares and multiples thereafter. At the higher worth band, they are going to be shelling out Rs 14,490 to get a single lot of Prudent Corporate Advisory Services. The shares will probably be listed on each BSE in addition to the National Stock Exchange (NSE).

The candidates additionally should observe that the cut-off time for UPI mandate affirmation is Friday, May 13, 2022, upto 12:00 pm. If they fail to take action then their software is probably not thought of.

Equirus Capital, ICICI Securities and Axis Capital are the e book operating lead managers to the provide whereas Link Intime India is the registrar of the problem.

Before heading into the IPO, Prudent Corporate Advisory Services on Monday raised over Rs 159 crore (Rs 1,59,43,10,130) from 24 anchor buyers in lieu of 25,30,651 fairness shares at Rs 630 every, information from the inventory exchanges confirmed.

The anchor buyers embrace the likes of 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.

The analysis crew at Anand Rathi Share and Stock Brokers of their IPO observe have advisable a “Subscribe” to the provide with a long run horizon.

Anand Rathi Research in its report famous, “At the upper end of the IPO price band, Prudent Corporate Advisory Services Ltd. is offered at P/E of 33.9x its FY22 annualised earnings, with a market capitalization of Rs 26,086 million. The company has a scalable and asset-light model in a high growth underpenetrated Indian asset management industry with diversified distribution network. The company reported RoNW of 28.73 per cent in FY21. However, the IPO is richly priced and the company will have to continue growing its business at a high growth rate, in order to justify the valuations – hence we give the IPO a “Subscribe (Long Term)” ranking.”

The share allotment is prone to happen on Wednesday, May 18, 2022, and the shares are anticipated to be listed on Monday, May 23, 2022, in keeping with the timeline given within the pink herring prospectus (RHP).