Prudent Corporate Advisory Services has set the worth band for its IPO (Initial Public Offering) at Rs 595-630 per fairness share of face worth Rs 5 every. The impartial retail wealth administration providers agency’s IPO will open on Dalal Street on May 10 subsequent week. The challenge is completely a suggestion on the market by present buyers of the corporate. Prudent Corporate Advisory is amongst the highest mutual fund distributors when it comes to common property below administration (AAUM) and fee acquired. Ahead of the problem, shares of Prudent have been buying and selling at a gray market premium of Rs 35 per share within the unlisted area.
According to the Red Herring Prospectus of the corporate, the problem will include 85,49,340 fairness shares as a part of the OFS and no recent challenge. At the higher finish of the worth band, the corporate will elevate Rs 538.60 crore by the problem. Of the OFS, 82,81,340 fairness shares can be offloaded by Wagner Limited, an investor holding a 40% stake within the pre-offer capital. RHP of Prudent Corporate Advisory defines Wagner Limited as a gaggle firm. The different promoting shareholder is Shirish Patel, trimming his stake by promoting 2,68,000 fairness shares. Currently, Shirish Patel owns a 3.15% stake in Prudent Corporate Advisory. Sanjay Singh, the promoter of the corporate, will not be promoting shares by the problem. He owns a 43.36% stake within the firm.
Investors can bid for Prudent Corporate Advisory Services IPO from May 10. Bids may be made for at least 23 fairness shares and in multiples thereafter. The IPO could have a reservation for workers of the corporate, who may even get a reduction of Rs 59 per fairness share. 50% of the whole IPO has been reserved for Qualified Institutional Buyers (QIB) whereas 15% has been stored for Non-Institutional Investors. 35% of Prudent Corporate Advisory Services’ IPO has been reserved for retail shareholders. Being completely an OFS, the corporate won’t obtain any funds from the IPO.
According to a observe by Axis Securities, Prudent Corporate Advisory is a vital interface between asset administration firms and mutual fund distributors or impartial monetary advisors. The firm has a pan-India presence with a community of 23,262 MFDs representing 18.46% of the business as of December 31, 2021. Highly scalable, asset-light and money generative enterprise mannequin, Pan-India diversified distribution community with the flexibility to broaden, and a observe document of innovation and use of expertise are a number of the strengths of the corporate, in response to Axis Securities.
Upon profitable itemizing, Prudent Corporate Advisory will be part of listed friends akin to IIFL Wealth Management, ICICI Securities, CDSL, Computer Age Management Services, HDFC AMC, Nippon Life Indian Asset administration, and UTI Asset Management.
ICICI Securities, Axis Capital, and Equirius Capital are the guide operating lead managers to the problem.
Prudent Corporate Advisors has registered a revenue of Rs 21 crore, Rs 27.85 crore, and Rs 45.3 crore within the final three monetary years previous FY22. The firm has additionally seen an increase in income from Rs 221.98 crore within the monetary 12 months 2019 to Rs 286.5 crore on the finish of the monetary 12 months 2021.
Source: www.financialexpress.com”