The issue comprises a pure offer for sale of up to 8.55 million shares by shareholders and promoters. Wagner will sell up to 8.28 million shares and Shirish Patel will sell around 2.68 million shares. Wagner holds 39.91% stake while Patel has 3.15% stake in the firm.
At the upper end of the price band, the firm will raise around Rs 538.61 crore via IPO.
ICICI Securities, Axis Capital and Equirus Capital are the lead managers to the issue.
Prudent Corporate Advisory's business primarily involves distribution of mutual funds. It also distributes other financial products such as insurance, portfolio management schemes, alternative investment funds, corporate fixed deposits, bonds, unlisted equities, stock broking solutions, loans against securities, NPS, structured products, etc. It earns commissions from third parties for distribution of their products, which may be in the form of recurring commissions.
The firm offers digital wealth management solutions through FundzBazar, PrudentConnect, Policyworld, WiseBasket, Prubazar and CreditBasket.
As on 31 December 2021, assets under management (AUM) from the mutual fund distribution business stood at Rs 48.41 trillion, with 92.14% of total AUM equity-oriented.
The firm distributes life and general insurance products in India through its wholly owned subsidiary, Gennext. As of 31 December 2021, it distributed 74037 policies across life and non-life insurance segments, with an aggregate premium of Rs 1.61 billion, and total brokerage received amounting to Rs 232.22 million.
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