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Prudent Corporate Advisory IPO get 57% subscription on second day

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Retail Individual Investors (RIIs) category got subscribed 1.05 times, while non-institutional investors received 19 per cent subscription.

The initial public offer of retail wealth management firm Prudent Corporate Advisory Services received 57 per cent subscription on the second day of offer on Wednesday.

The three-day IPO received bids for 34,04,391 shares against 60,18,689 shares on offer, as per data available with the NSE.

Retail Individual Investors (RIIs) category got subscribed 1.05 times, while non-institutional investors received 19 per cent subscription.

The Initial Public Offer (IPO) is of up to 85,49,340 equity shares and has a price band of Rs 595-630 per share.

On Monday, Prudent Corporate Advisory Services 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, ICICI Securities 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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