Prudent Corporate Advisory IPO subscribed 1.22 times on last day

The Initial Public Offer  of Prudent Corporate Advisory Services was subscribed 1.22 times on the last day of the offer on Thursday.

The Rs 538.61-crore IPO got bids for 73,30,928 shares against 60,18,689 shares on offer, as per NSE data.

Retail Individual Investors (RIIs) portion got subscribed 1.29 times, while Qualified Institutional Buyers (QIBs) received 1.26 times subscription and non-institutional investors 99 percent.

The company's Initial Public Offer (IPO) of up to 85,49,340 equity shares had a price range of Rs 595-630 per share.

On Monday, Prudent Corporate Advisory Services raised a little over Rs 159 crore from anchor investors.

Prudent Corporate Advisory Services is one of the leading independent retail wealth management services groups (excluding banks) in India and is among the top mutual fund distributors in terms of average assets under management and commission received.

Equirus Capital, ICICI Securities and Axis Capital were the managers to the offer.

Companies may soon be able to pre-file IPO papers as Sebi mulls alternative mechanism for regulatory review