Retail wealth management firm Prudent Corporate Advisory Services on Monday said it has raised a little over Rs 159 crore from anchor investors ahead of its initial share sale.
As per the circular uploaded on BSE, the company has decided to allot a total of 25,30,651 equity shares at Rs 630 to anchor investors, taking the transaction size to Rs 159.43 crore.
Societe Generale, Kuber India Fund, DSP Mutual Fund (MF), HDFC MF, Axis MF, L&T MF, UTI MF, Canara Robeco MF, Motilal Oswal MF, Aditya Birla Sun Life MF, Kotak MF and HSBC MF are among the anchor investors . ,
The initial share sale of 85,49,340 equity shares comprises an offer for sale of 82,81,340 equity shares by Wagner Limited and 2,68,000 equity shares by Shirish Patel.
At present, investor Wagner holds a 39.91 percent stake, and Shirish Patel, the company’s whole-time director and chief executive officer, holds a 3.15 percent stake.
The IPO with a price band of Rs 595-630 per share will be open for public subscription on May 10-12. At the upper end of the price band, the company will raise around Rs 538.61 crore through IPO.
Prudent Corporate Advisory Services is one of the leading Independent Retail Wealth Management Services Group (Except Banks) in India and one of the top Mutual Fund distributors in terms of average assets under management and commission received.
It provides a technology-enabled, comprehensive investment and financial services platform with critical end-to-end solutions for distribution and presence of financial products across online and offline channels.
Half of the issue size is reserved for Qualified Institutional Buyers (QIBs), 15 percent for non-institutional investors and 35 percent for retail investors. In addition, equity shares of up to Rs 6.5 crore have been reserved for employees.
Investors can bid for a minimum of 23 shares and multiples thereof.
As on December 31, 2021, the company’s assets under management from mutual fund distribution business (AUM) stood at Rs 48,411.5 crore, with 92.14 per cent of their total AUM being equity-oriented.
The company has provided asset management services to 1,351,274 unique retail investors through 23,262 mutual fund distributors on its Business-to-Business-to-Consumer (B2B2C) platform and is spread across 110 locations across 20 states.
Also, the number of AMFI Registration Number (ARN) holders listed with them was 23,262, representing 18.46 per cent of the industry.
ICICI Securities, Axis Capital and Equirus Capital are the book running lead managers of the issue.