New Delhi, Business Desk. The IPO of retail asset management firm Prudent Corporate Advisory Services has opened for sale today i.e. Tuesday (May 10), which will close on May 12. Earlier on Thursday, the company had fixed a price band of Rs 595-630 for an initial public offering (IPO) of Rs 539 crore. On Monday, the company informed that it has raised more than Rs 159 crore from anchor investors ahead of its initial share sale (IPO opening).

Company raised Rs 159.43 crore from anchor investors

According to the circular uploaded on BSE, the company had decided to allot a total of 25,30,651 equity shares at Rs 630 to anchor investors, taking the transaction size to Rs 159.43 crore. Anchor investors include Societe Generale, Kuber India Fund, DSP Mutual Fund (MF), HDFC MF, Axis MF, L&T MF, UTI MF, Canara Robeco MF, Motilal Oswal MF, Aditya Birla Sun Life MF, Kotak MF and HSBC MF .

Wagner Ltd. offers 82,81,340 equity shares for sale

The initial share sale of 85,49,340 equity shares includes offer for sale of 82,81,340 equity shares by Wagner Limited and 2,68,000 equity shares by Shirish Patel. Currently, Wagner holds 39.91 per cent, and Shirish Patel, the company’s director and chief executive officer, holds 3.15 per cent.

How many shares are reserved for whom in the issue?

Half of the issue size of Prudent Corporate Advisory Services is reserved for Qualified Institutional Buyers (QIBs). Further, 15 per cent is reserved for non-institutional investors while 35 per cent is reserved for retail investors. Apart from this, equity shares up to Rs 6.5 crore are reserved for employees. Any investor can bid for a minimum of 23 shares or multiples thereof in the Prudent Corporate Advisory Services IPO.

Edited By: Lakshya Kumar