Integrated wealth management services provider Prudent Corporate Advisory Services has set a price range of Rs 595-630 per share for its IPO. The IPO will open for subscription on May 10 and close on May 12. Bids for anchor investors will open on May 9. The company will be listed on the exchange on May 23.
The offering includes a pure offer from shareholders and promoters to sell up to 8.55 million shares. Wagner will sell up to 8.28 million shares, and Shirish Patel will sell about 2.68 million. Wagner holds a 39.91 per cent stake in the company, while Patel holds a 3.15 per cent stake. At the high end of the price range, the company will raise around Rs 538.61 crore through the IPO. ICICI Securities, Axis Capital and Equirus Capital are the lead managers for the offering.
Prudent Corporate Advisory’s business is primarily concerned with allocating mutual funds. It also distributes other financial products such as insurance, portfolio management plans, alternative investment funds, corporate time deposits, bonds, unlisted equities, stockbroking solutions, securities loans, NPS, structured products and more. It receives distribution commissions from third parties for its products, possibly in the form of recurring commissions.
The company provides digital wealth management solutions through FundzBazar, PrudentConnect, Policyworld, WiseBasket, Prubazar and CreditBasket. As of 31 December 2021, the mutual fund distribution business had assets under management (AUM) of Rs 48.41 trillion, of which 92.14 per cent of the total assets were equity-oriented.
The company distributes life and general insurance products in India through its wholly-owned subsidiary Gennext. As of December 31, 2021, it distributed 74,037 policies in the life and non-life insurance segment with gross premiums of Rs 161 crore and gross brokerage income of Rs 23,222 crore.