The IPO is totally a suggestion on the market (OFS), whereby present shareholders might be offloading 85,49,340 fairness shares. Wagner Ltd, an entity of TA Associates, will offload 82,81,340 fairness shares and Shirish Patel, Complete Time Director and Chief Govt Officer of Prudent, will promote as much as 2,68,000 fairness shares.
On the higher vary of the price band, the corporate goals to lift Rs 538.6 crore by way of its preliminary stake sale.
The buyers can bid for at least 23 shares and in multiples thereafter. The issue will shut for subscription on Thursday, May 12.
The corporate has allotted shares value Rs 6.5 crore to its eligible staff, who will get a reduction of Rs 59 per fairness share through the bidding course of.
Prudent is likely one of the main unbiased retail wealth administration providers teams (excluding banks) in India and among the many prime mutual fund distributors by way of common belongings below administration and commissions acquired.
Other than mutual funds, it additionally distributes monetary merchandise like insurance coverage, portfolio administration schemes, different funding funds, bonds, unlisted equities, stockbroking options, loans towards securities, and NPS, amongst others.
The corporate has reserved 50 per cent of the web provide for certified institutional patrons (QIBs), whereas non-institutional patrons (NIIs) will get 15 per cent allocation. The remaining 35 per cent of shares are allotted to retail bidders.
As of December 31, 2021, the corporate’s belongings below administration (AUM) from the mutual fund distribution enterprise stood at Rs 48,411 crore, with 92.14 per cent of its complete AUM being equity-oriented.
For the 12 months ended March 2021, the corporate reported a web revenue of Rs 45.3 crore, a progress 63 per cent in comparison with Rs 27.85 crore within the earlier 12 months. The income jumped 25 per cent to Rs 294.9 crore from Rs 236.2 crore.
For the 9 months ended December 31, 2021, Prudent Corporate reported a web revenue of Rs 57.62 crore with a income of Rs 327.99 crore.
ICICI Securities, Axis Capital and Equirus Capital are the ebook working lead managers to the issue, whereas Hyperlink Intime has been appointed because the registrar to the issue.