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Prudent Corporate Advisory Services’ Three days Public Offering (IPO) has been opened to subscribe today and conclude on Thursday, May 12, 2022. The retail wealth management firm has set a price band ₹ 595-630 per share for the sale of shares. The company on Monday said that he had collected a little more than ₹ 159 Crore from an investor anchor ahead of the problem.
At 10:50 am on day 1, the wise company IPO has subscribed 0.20x with the category of retail investors ordered 0.40 times, Niis 0.01x and employees 0.02 times, BSE data shows.The initial shares of 85,49,340 equity shares consisted of offers for sale (of) from 82,81,340 equity shares by Wagner Ltd. and up to 2,68,000 equity shares by Shirish Patel. At the top end of the band price, the company will raise around ₹ 538.6 crore via IPO.According to market observers, wise company shares are available with Premium (GMP) of ₹ 30 in the current gray market. The company’s shares are expected to be registered on May 23, 2022.
“We believe that Prudent has a very strong retail focus business model that gives them different competitive advantages and will be difficult to emulate. But the assessment is on a higher side compared to colleagues who will limit profits in the near future and therefore we have neutral recommendations on IPOs, “Analysts said at Angel One in a note.
Prudent Corporate Advisory Services is one of the leading independent retail management services groups (not including banks) in India and is one of the top mutual fund distributors (MF) in terms of the managed average assets and the commission received.As of December 31, 2021, the company’s assets managed from the mutual fund distribution business (AUM) were established at ₹ 48,411.5 crore with 92% of their total AUM oriented.
“We recommend subscribing to the following parameters that financial penetration is expected to increase with an increase in financial literacy and is expected to continue to grow at a healthy speed due to a strong demand driver and the supply side. Because the company enters with a higher assessment may be subject to correction in the near future, “said Jainam Broking.