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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.