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Prudent Corporate IPO gets 36% subscription on first day of offer

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The category for Retail Individual Investors (RIIs) was subscribed 72 per cent, while the portion meant for non institutional investors received 2 per cent subscription.

The initial public offer of retail wealth management firm Prudent Corporate Advisory Services was subscribed 36 per cent on the first day of subscription on Tuesday.

The IPO received bids for 21,85,276 shares against 60,18,689 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 72 per cent, while the portion meant for non institutional investors received 2 per cent subscription.

The initial public offer is of up to 85,49,340 equity shares and is in a price range of Rs 595-630 per share.

Prudent Corporate Advisory Services on Monday said it has raised a little over Rs 159 crore from anchor investors.

At the upper end of the price band, the firm will raise around Rs 538.61 crore.

Equirus Capital Private Limited, ICICI Securities Limited and Axis Capital are the managers to the offer.

Prudent Corporate Advisory Services is one of the leading independent retail wealth management services groups (excluding banks) in India and is among the top mutual fund distributors in terms of average assets under management and commission received.

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