Prudent Corporate Advisory IPO fully subscribes by 1.22 times on last day


Financial services provider, Prudent Corporate Advisory Services IPO fully subscribed on the third day of its issue. The 538.61 crore initial public offer closed on Thursday for subscriptions.

NSE data revealed that the IPO received cumulative bids of 73,30,928 equity shares against the offered size of 60,18,689 equity shares – subscribing by 1.22 times.

The portion kept for Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) fully subscribed by 1.26 times and 1.29 times respectively.

However, the part kept for Non-Institutional Investors (NIIs) subscribed by 99% against the reserved size.

The Price Band for the IPO stood at 595 to 630 per Equity Share of the face value of 5 each.

Under the IPO, 50% of the total size was offered to QIBs, 15% to NIIs and the remaining 35% was retail investors.

Post the IPO, the company will be listed on both BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”).

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