Prudent Corporate Advisory Services: On the final day, the IPO was subscribed 1.22 times

Corporate Advisory Services that are prudent Status of IPO subscriptions: According to BSE statistics, the retail wealth management business Prudent Corporate Advisory Services’ initial public offering (IPO) was subscribed 1.22 times on the last day.

According to the statistics, bids for over 73.30 lakh (73,30,928) shares were received against an issue size of over 60.18 lakh (60,18,689) shares in the Rs 538.61 crore offer.

Employees bid for 67 percent of the restricted part, while retail investors acquired 105 percent of the allowed quota.
Non-institutional investors have acquired 19 percent of the shares put aside for them, while qualified institutional purchasers have purchased 966 equity shares out of the 16.87 lakh set aside for them.

The shares reserved for qualified institutional buyers (QIBs) were subscribed 1.26 times, while non-institutional investors were subscribed 0.99 times and retail individual investors (RIIs) were subscribed 1.29 times, according to the statistics. Aside from this, the workers portion was 1.23 times subscribed to.

Wagner, an affiliate of TA Associates, and Shirish Patel are selling 85.49 lakh equity shares in the retail wealth management services provider’s first public offering, which would raise Rs 538.6 crore.

Wagner, which will sell 82.81 lakh equity shares in this offering, owns 40 percent of the firm (1.65 crore shares).

Employees would be given a share reservation worth Rs 6.5 crore as part of the offer. The deal is priced between Rs 595 and Rs 630 per unit.

“Prudent Corporate Advisory Services is sold at a price-to-earnings (P/E) ratio of 33.9x its FY22 annualised profits, with a market capitalization of Rs 2,608.6 crore, at the top end of the IPO pricing band,” said Anand Rathi.
According to the report, the IPO is overpriced. “To justify the values, the company will have to continue to develop its business at a rapid pace. As a result, we rate the IPO as “subscribe (long term).” “The brokerage stated.

The 3-day IPO began accepting subscriptions on Tuesday, May 10, 2022, and ended today at 5 p.m. It is priced between Rs 595 and Rs 630 per share.

The business has collected approximately Rs 159 crore (Rs 1,59,43,10,130) from 24 anchor investors prior to the IPO.
Prudent Corporate Advisory Services is one of India’s largest independent retail wealth management service groups (excluding banks) and a top mutual fund distributor in terms of average assets under management and commission collected. The firm provides a technology-enabled, complete investment and financial services platform that includes end-to-end solutions for financial product distribution and visibility across online and offline channels.