Prudent Corporate Advisory Services fixes IPO Price Band

The retail asset management company, Prudent Corporate Advisory Services set a price range of Rs 595-630 per share for an initial public offering (IPO) of Rs 539 crore. According to the company, the first three-day stock sale will be released on May 10, and the offer for anchor investors will begin on May 9.

The initial sale of 85,49,340 shares included an offer to sell 82,81,340 shares from Wagner Ltd and up to 2,68,000 equity shares from Shirish Patel. Currently, Wanger owns 39.91% shareholding, and Shirish Patel holds a 3.15% stake in the company. 

Prudent Corporate Advisory Services is among the leading independent retail wealth management services group in India and is also among the top mutual fund distributors in terms of average assets under management and commission received. 

Prudent offers a technology-enabled, comprehensive investment and financial services platform with end-to-end solutions for financial products distribution and also has its presence in both online and offline channels. 

The company provides wealth management services to 1,351,274 private individual investors through 23,262 mutual fund distributors on its business-to-business-to-consumer (B2B2C) platform and is spread across 110 locations in 20 states.