Prudent Corporate Advisory's IPO scrapes through with 1.22x subscription

Prudent Corporate Advisory Services’ IPO managed to scrape through with just 1.22 times subscription amid a selloff in the secondary market. 

The institutional investor portion of the issue was subscribed 1.26 times, high-networth individual portion 99 per cent and retail portion 1.3 times. 

Prudent Corporate, a mutual fund distributor, had set a price band of Rs 595-Rs 630 per share for its IPO. At the top-end of the price band, the IPO size works out to Rs 535.5 crore and the company will be valued at Rs 2,600 crore. 

The offering 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.