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The offer received bids for 21.85 lakh shares as against 60.18 lakh shares on offer.

The initial public offer (IPO) of Prudent Corporate Advisory Services received bids for 21,85,276 shares as against 60,18,689 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (10 May 2022). The issue was subscribed 36%.

The issue opened for bidding on Tuesday (10 May 2022) and will close on Thursday (12 May 2022). The price band of the IPO is fixed at Rs 595 - 630 per share. An investor can bid for a minimum of 23 equity shares and in multiples thereof.

The initial public offer (IPO) consists entirely of an offer of sale (OFS) comprising issuing 85.49 lakh equity share to raise Rs 508.04 crore at lower price band of Rs 595 and Rs 538.00 crore at upper price band of Rs 630.

The company expects to receive the benefits of listing of the equity shares, including enhancing visibility and brand image among existing and potential customers. Wagner has offered 82.81 lakh equity shares for sale while Shirish Patel has offered 2.68 lakh equity share each for sale. The average cost of acquisition of equity shares for Wagner is Rs 150.94, and for Shirish Patel is Rs 0.13.

The eligible employees are provided discount of Rs 49 per share with share aggregating to Rs 6.5 crore reserved for employees. The promoters and promoter group shareholding remains steady post issue at 56.78%.

Ahead of the IPO, Prudent Corporate Advisory Services on Monday, 9 May 2022, finalized allocation of 25,30,651 equity shares to anchor investors at an allocation price of Rs 630 per share, aggregating to Rs 1,59,43,10,130.

Prudent Corporate Advisory Services incorporated in 2003 is an independent retail wealth management services group and is amongst the top mutual fund distributors in terms of average assets under management (AAUM) and commission received. The company offer a technology enabled, comprehensive investment and financial services platform with end-to-end solutions critical for financial products distribution and presence across both online and offline channels.

It has grown faster among top 10 mutual fund distributors in terms of commission and AAUM with a CAGR of 34.4% and 32.5%, respectively, for the five-year period ending FY2021, becoming an important interface between asset management companies (AMCs) and mutual fund distributors or independent financial advisors (MFDs) and retail investors who avail services from such MFDs over the last two decades. The company is an independent platform with no single AMC contributing more than 15% of AUM end December 2021.

The assets under management from the mutual fund distribution business (AUM) stood at Rs 48,411.47 crore with 92.14% of AUM being equity oriented, which has at a CAGR of 32.83% from Rs 16,667.75 crore end March 2018. Equity oriented AUM has increased at even higher CAGR of 36.49% from Rs 13,865.79 crore to Rs 44,605.91 crore, represented 2.39% of total equity AUM of mutual fund industry. Among national distributors, market share on commission received basis has increased from around 4% in FY2015 to around 12% in FY2021.