Retail wealth management services company Prudent Corporate Advisory Services on May 9 garnered Rs 159.43 crore from 24 anchor investors ahead of the launch of its initial public offering. The offer will open for subscription on May 10.
The company in its BSE filing said it has finalised the allocation of 25,30,651 equity shares to anchor investors at a price of Rs 630 per share.
Marquee investors who showed interest in the company through anchor book included HSBC, Kuber India Fund, Societe Generale, DSP Mutual Fund, Axis Mutual Fund, Nippon Life, L&T Mutual Fund, Motilal Oswal Mutual Fund, UTI MF, Aditya Birla Sun Life Trustee, and Kotak Mutual Fund.
The company is planning to raise Rs 539 crore through its IPO.
The initial public offering of 85,49,340 equity shares comprises an offer for sale of 82,81,340 shares by Wagner, an affiliate of US-based private equity investor TA Associates. Selling shareholder Shirish Patel will also sell up to 2.68 lakh shares via OFS.
The offer includes a reservation of shares worth Rs 6.5 crore for the company's employees who will get shares at a discount of Rs 59 per share to the final offer price.
The public issue will close on May 12. The price band has been fixed at Rs 595-630 per share.
Half of the offer is reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 35 percent for retail investors.