Liquidity Events
Wealth mgmt firm Prudent Corporate pulls off Rs 539-Cr IPO
The initial public offer of Ahmedabad-based Prudent Corporate Advisory Services was subscribed 1.22 times. The INR 538.61-crore IPO got bids for 73,30,928 shares against 60,18,689 shares on offer. Retail Individual Investors (RIIs) portion got subscribed 1.29 times, while Qualified Institutional Buyers (QIBs) received 1.26 times subscription and non-institutional investors 99%. The company's Initial Public Offer (IPO) of up to 85,49,340 equity shares had a price range of INR 595-630 per share. Prudent Corporate Advisory Services had raised a little over Rs 159 crore from anchor investors. Prudent Corporate Advisory Services is one of the leading independent retail wealth management services groups (excluding banks) in India and is among the top mutual fund distributors in terms of average assets under management and commission received.
From the Venture Intelligence PE-VC Deal Database: In Jul-18 TA Associates had invested INR 250 crore in Prudent Corporate. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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