Prudent Corporate Advisory Services Files IPO Papers With Sebi
- ByStartupStory | August 14, 2021
Retail wealth management firm Prudent Corporate Advisory Services has filed draft papers with capital markets regulator Sebi to garner funds through an initial public offering (IPO). The initial share sale of 85,49,340 equity shares comprises an offer of sale of 82,81,340 equity shares by Wagner Ltd and up to 2,68,000 shares by Shirish Patel, as per the draft red herring prospectus (DRHP). At present, investor Wagner owns 39.91 per cent stake, and Shirish Patel, whole-time director and chief executive officer of the company, has 3.15 percent shareholding in the firm.
Prudent Corporate Advisory Services is one of the leading independent retail wealth management services groups (excluding banks) in India and is amongst the top mutual fund distributors in terms of average assets under management and commission received. It 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. As of May 2021, the company provided wealth management services to 7.73 lakh retail investors through 17,583 mutual fund distributors on its B2B2C platform and is spread across branches in 105 locations in 20 states. ICICI Securities, Axis Capital and Equirus Capital are the book running lead managers to the issue.
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