Prudent Corporate IPO subscribed 36% on Day-1 on retail interest

The retail investor portion was subscribed 71%. A day earlier, form allotted shares worth Rs 160 cr to anchor investors

The IPO of Prudent Corporate Advisory Services, a mutual fund distributor, was subscribed 36 per cent on Tuesday, the first day of the issue. The retail investor portion was subscribed 71 per cent.

A day earlier, the company allotted shares worth nearly Rs 160 crore to anchor investors. The allotment was made at the top-end of the price band of Rs 595-Rs 630 per share. At Rs 630 per share, the IPO size works out to Rs 535.5 crore and the company’s market cap stands at Rs 2,600 crore.

The IPO is entirely an offer for sale. Wagner, an associate firm of US-based private equity TA Associates, is selling shares worth Rs 527 crore in the IPO. Ahmedabad-based Prudent Corporate is the country’s leading national distributor of mutual fund products among the non-banking and non-broking players. The company’s IPO closes on Thursday.