Prudent Corporates to open its IPO of Rs 538 crore on May 10
- ByStartupStory | May 6, 2022
Prudent Corporates, one of the nation’s fastent growing finacial services groups is set to open its IPO on 10th May 2022 with a fixed price band of Rs 595 – 630 per share, consequently making it a Rs 538 crore IPO offering. This company started in 2000, is a mutual funds distributor has expanded since then to provide financial services and products including insurance, equities, bonds and loan products.
This IPO consists of an offer for sale of upto 85.49 lakh shares by the promoter and the existing shareholders. TA Associates, that holds approximately 40% stake in the company, will sell up to 82.8 lakh shares. The investors can bid minimum of 23 shares and in multiples of it thereafter. The issue will start on 10th May and end on Thursday, 12th May 2022. ICICI Securities, Axis Capital and Equirus Capital would be the book running lead managers while Link Intime has been appointed as the registrar to the issue.
As of now, investor Wagner holds 39.91% shares with Shirish Patel, the Director and CEO of the company has around 3.15% stake. The company has also distributed shares worth Rs 6.5 crore to its deserving employees who will also be benefitted with a discount of Rs 59 per equity share during bidding process. Prudent has reserved 50% of the equity shares QIB’s (Qualified Institutional buyers) while the NIB’s (Non-Institutional buyers) will recieve 15% allocation and the rest 35% shares will be distributed among the retail bidders.
Until 31st December 2021, the company’s Assets under Managaement (AUM) from the mutual funds distribution stood at Rs 48,411 crorehaving 9214% of total AUM being equity-oriented. At the end of the year, on March 2021, the company recorded a net profit of Rs 45.3 crore, a rise of 63% compared to Rs 27.85 crore in the last year. The revenue increased from 294.9 crore to 236.2 crore making it a 25% rise. At the end of nine months, Prudent reported a net profit of Rs 57.62 crore with a revenue of Rs 327.99 crore.
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