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

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

Topics
IPO | Institutional investors | Investors

BS Reporter 

IPO
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Prudent Corporate Advisory Services’ 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 . At the top-end of the price band, the 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.

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First Published: Thu, May 12 2022. 19:23 IST
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