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Prudent Corporate Advisory Services will launch its IPO on May 10.
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.
The company has set a price band of Rs 595-630 per share. This indicates that the company plans to raise close to Rs.550 crore through IPO.
Founder and MD Sanjay Shah has the highest shareholding in the company at 43%.
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.
