In a stock exchange filing on Monday, Prudent Corporate Advisory Services said that it has finalised the allocation of 25,30,651 equity shares to 24 anchor investors at a price of ₹630 per share.
The company has set a price band of ₹595-630 per share for its ₹539-crore IPO.
The three-day initial share-sale will open for public subscription tomorrow and the bidding for anchor investors will open on Monday.
Anchor investors are institutional investors that are allotted shares before an IPO opens but they have to commit to holding their shares for a certain period after listing.
Marquee investors who showed interest in the firm through anchor book are – Societe Generale, Kuber India Fund, DSP Mutual Fund (MF), HDFC MF, Axis MF, L&T MF, UTI MF, Canara Robeco MF, Motilal Oswal MF, Aditya Birla Sun Life MF, Kotak MF and HSBC MF.
ICICI Securities, Axis Capital and Equirus Capital are the book running lead managers to the issue.
The initial share-sale of 85,49,340 equity shares comprises an offer for sale of 82,81,340 equity shares by Wagner Ltd and up to 2,68,000 equity shares by Shirish Patel.
Currently, investor Wagner owns 39.91% shareholding, and Shirish Patel, a Whole-time Director and Chief Executive Officer of the company, has 3.15% stake.
At the upper end of the price band, the firm will raise around ₹538.61 crore via IPO.
Prudent Corporate Advisory Services is one of the leading independent retail wealth management services group (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 has presence across both online and offline channels.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for retail investors. Besides, equity shares worth up to ₹6.5 crore have been reserved for employees.
Investors can bid for a minimum of 23 shares and in multiples thereof.
As of 31 December last year, the firm's assets under management (AUM) from the mutual fund distribution business stood at ₹48,411.5 crore with 92.14% of their total AUM being equity oriented.
The firm provides wealth management services to 1,351,274 unique retail investors through 23,262 mutual fund distributors on their business-to-business-to-consumer (B2B2C) platform and are spread across 110 locations in 20 states.
The number of AMFI Registration Number (ARN) holders empanelled with them stands at 23,262, representing 18.46% of the industry.