Prudent Corporate Advisory Services has filed its draft papers with SEBI to raise funds through an initial public offering (IPO).
The IPO consists of 8.55 million shares, comprising an offer for sale of up to 8.28 million shares by Wagner and up to 0.27 million shares by Shirish Patel. Wagner holds 39.91% stake while CEO Shirish Patel has 3.15% stake in the firm, as of now.
Founder and MD Sanjay Shah has the highest shareholding in the company at 43%.
The company becomes the second advisory/MF distribution firm to file for an IPO this year. Anand Rathi Wealth filed a draft prospectus last month. At present, IIFL Wealth is the only listed pure wealth management company.
In FY 2021, Prudent was the 6th largest mutual fund distributor in terms of commission earnings. The average AUM of the distributor during the previous financial year was Rs.24,914 crore.
The company acts as an interface between AMCs and individual mutual fund distributors. Started in 2000, the distributor claims to have over 17,000 MFDs registered on its platform.
