Prudent Corporate Advisory Services is going to launch its initial public offering (IPO) this week on May 10 and the issue will remain open for public subscription will May 12. The financial services company expects to garner Rs 538 crore through the IPO. Its shares in the gray market are currently trading at Rs 30 apiece. Here’re important facts about the company and its IPO that investors need to know before applying for the offer.
Prudent Corporate Advisory Services IPO: Date and Size
According to the Red Herring Prospectus (RHP), the IPO of Prudent Corporate Advisory Services will be opened for public subscription on May 10 and it will close on May 13. The bidding for anchor investors will open on May 9. It is entirely an offer for sale (OFS) of 85,49,340 equity shares. Its price band has been fixed at Rs 595-630 per share.
The announcement of share allocation is likely to be made on May 18. Its shares are proposed to be listed on both NSE and BSE. The likely date for share listing is May 23.
Prudent Corporate Advisory Services IPO: Lot Size
An investor can make a bid for a minimum of one lot and a maximum of 13 lots. A lot will have 23 shares of the company. In terms of the rupee value, an investor can bid for a minimum amount of Rs 14,490 for one lot, while the maximum amount that an investor can bid for is Rs 1,88,370 for 13 lots.
Prudent Corporate Advisory Services IPO: Quotas
The initial public offering will have a reservation of 35 per cent for retail investors, while qualified institutional buyers (QIBs) will be able to participate in 50 per cent of the total issue size. Non-institutional investors will be able to participate in the remaining 15 per cent of the IPO size.
Prudent Corporate Advisory Services IPO: GMP
According to the IPO Watch, the shares of Prudent Corporate Advisory Services are currently trading at a premium of Rs 30 over the upper price band of Rs 630 apiece. It translates into a listing gain of five per cent. It means the shares in the gray market are trading at Rs 660 apiece. The premium gets fluctuated based on the sentiments in the markets.
About Prudent Corporate Advisory Services
Prudent Corporate Advisory Services is a retail wealth management firm. The company, which is backed by US-based private equity investor TA Associates, is one of the leading independent retail wealth management services groups (excluding banks) in India. It is among the top mutual fund distributors in terms of average assets under management and commissions received.
According to IPO Watch, the company’s profit after tax (PAT) in 2021 stood at Rs 45.30 crore. Its revenue was Rs 295 crore, while the expense had stood at Rs 234 crore. Its profit in 2020 had stood at Rs 27.85 crore, while its revenue was Rs 236 crore.
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