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Business News/ Markets / Ipo/  Prudent Corporate Advisory files draft paper to raise funds via IPO
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Prudent Corporate Advisory files draft paper to raise funds via IPO

The company had Rs333.16 billion worth of assets under management (AUM) from the mutual fund distribution business as of 31 May, with 88.63% of it equity oriented

Prudent Corporate Advisory Services Ltd has filed draft papers with the markets regulator to raise funds through an IPO. (Photo: iStock)Premium
Prudent Corporate Advisory Services Ltd has filed draft papers with the markets regulator to raise funds through an IPO. (Photo: iStock)

MUMBAI: Prudent Corporate Advisory Services Ltd, an integrated wealth management service provider, has filed draft papers with the markets regulator to raise funds through an initial public offering (IPO).

The IPO consists of a pure offer for sale of 8.55 million shares by existing shareholders and promoters. The OFS will see sale of up to 8.28 mln shares by Wagner and up to 2.68 lakh shares by Shirish Patel. Wagner holds 39.91% stake while Shirish Patel has 3.15% stake in the firm, as of now.

ICICI Securities, Axis Capital and Equirus Capital are the book running lead managers to the issue.

Prudent Corporate Advisory's business primarily involves distribution of mutual funds. It also distributes other financial products such as insurance, portfolio management schemes, alternative investment funds, corporate fixed deposits, bonds, unlisted equities, stock broking solutions, loans against securities, NPS, structured products, etc. It earns commissions from third parties for distribution of their products, which may be in the form of recurring commissions.

It offers digital wealth management solutions through - FundzBazar, PrudentConnect, Policyworld, WiseBasket, Prubazar and CreditBasket.

As on 31 May, its assets under management (AUM) from the mutual fund distribution business stood at Rs333.16 billion, with 88.63% of its total AUM equity oriented.

The firm was incorporated in 2003 and provides wealth management services to 772,899 unique retail investors through 17,583 MFDs on its business-to-business-to-consumer platform and are spread across branches in 105 locations in 20 states in India.

The firm distributes life and general insurance products in India through its wholly owned subsidiary, Gennext. In fiscal 2021, it distributed 86,988 policies, across life and non-life insurance segments, with an aggregate premium of Rs1.57 billion, and total brokerage received amounting to Rs263.65 million.

For fiscal 2021, total revenue from operations was at Rs286.51 crore against Rs234.83 crore a year ago. Net profit for the period stood at Rs45.30 crore versus Rs27.85 crore last year.

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Published: 13 Aug 2021, 11:06 AM IST
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