The share allotment of the Prudent Corporate Advisory Services’ IPO, which was open for subscription last week, is likely to take place on Wednesday. The Rs 538.61-crore initial public offering was subscribed 1.22 times at the end of the bidding on May 12, registering a decent response from investors. The company’s unlisted shares in the grey market are trading at a premium of Rs 20, indicating likely listing above the issue price of Rs 630 apiece.
Prudent Corporate Advisory Services IPO: Allotment
The announcement of share allocation is likely to be made on Wednesday (May 18). Its shares are proposed to be listed on both NSE and BSE. The likely date for share listing is May 23. The share allotment can be checked on the official BSE website and the website of the registrar Link InTime India. The shares are expected to be listed on the stock exchanges on May 23.
To check the share allotment status, select the company name as ‘Prudent Corporate Advisory Services — IPO’ from the drop-down list on the Link Intime India website when it gets declared. After that check box either PAN, application number or depository/client ID.
Accordingly, enter the permanent account number or application number or depository/ client ID in the box. Enter the given captcha in the provided space and click the submit button. This will display the number of shares that have been applied and allotted to the investor.
Prudent Corporate Advisory Services IPO: GMP
According to the IPO Watch, the shares of Prudent Corporate Advisory Services are currently trading at a premium of Rs 20 over the upper price band of Rs 630 apiece. It means the shares in the grey market are trading at Rs 650 apiece. The premium gets fluctuated based on the sentiments in the markets. Its price band was fixed at Rs 595-630 per share.
Prudent Corporate Advisory Services IPO: Basic Details
The company expected to mop up Rs 538.61 crore through the public offer. The offer was entirely an offer for sale (OFS) of 85,49,340 equity shares. Selling shareholder Wagner was to offload 8.28 million shares or 50 per cent of its stake, while CEO Shirish Patel was to sell 2.68 lakh shares.
The initial public offering had a reservation of 35 per cent for retail investors, while qualified institutional buyers (QIBs) were able to participate in 50 per cent of the total issue size. Non-institutional investors were able to participate in the remaining 15 per cent of the IPO size.
Prudent Corporate Advisory Services IPO: What Brokers Said
“Prudent Corporate Advisory Services Limited is an independent retail wealth management services group in India and is amongst the top mutual fund distributors in terms of average assets under management and commission received. The company offers a technology-enabled, comprehensive investment and financial services platform with end-to-end solutions critical for financial products distribution and presence across both online and offline channels,” said Anand Rathi in an IPO note.
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