Home / Markets / Ipo /  Prudent Corporate IPO: Latest GMP, subscription status that you should know

Prudent Corporate IPO: The public issue worth 538.61 crore opened for subscription on 10th May 2022 and it will remain open for bidding till 13th May 2022. After day one of bidding, Prudent Corporate IPO subscription status suggests that the Initial Public Offering (IPO) has been subscribed 0.36 times whereas its retail portion has been subscribed 0.72 times. Meanwhile, Prudent Corporate shares have become available in the grey market. As per the market observers, Prudent Corporate share price is quoting at a premium of 35 in grey market today.

Prudent Corporate IPO GMP today

Market observers said that Prudent Corporate IPO grey market premium (GMP) today is 35, which is 5 higher from its yesterday's grey market premium of 30. They said that Prudent Corporate IPO has remained almost steady in grey market in last two days despite weak stock market sentiments, which is praiseworthy. They said that if there is any trend reversal in the secondary market in next two days of bidding, we can expect sharp upside swing in the Prudent Corporate share price in grey market.

What this GMP mean?

Market observers said that Prudent Corporate IPO GMP today is 35, which means grey market is expecting that Prudent Corporate IPO listing may take place around 665 ( 630 + 35), which is around 5 per cent higher from Prudent Corporate IPO price band of 595 to 630 per equity share.

Market observers said that Prudent Corporate IPO GMP of 35 suggests that grey market is expecting moderate lsiting of the IPO.

However, stock market experts advised investors to look at company's financials instead of GMP. They said that grey market is an unorganised and unofficial data, which has no relation with the company's balance sheet. So, one should not rely heavily on what grey market signals.

Prudent Corporate IPO: Buy or not?

Speaking on Prudent Corporate IPO, Abhay Doshi, Founder at UnlisteArena.com said, "Prudent Corporate Advisory Services Limited is an independent retail wealth management services group in India and are amongst the top mutual fund distributors in terms of AAUM and Commission received. It has various platforms for online investment, mutual funds, insurance, equities and portfolios and loan products. The revenue from operations is growing significantly. The company has strong reserves of Rs. 194 crores too. The offer price looks on a higher side, a bit compared to its peers. The issue is priced at 34x PE based on its FY22 annualized earnings. Also, the company operates in highly competitive space. Hence, given its steady fundamentals, it would be interesting to watch the response the investors amid volatile market conditions."

Giving 'buy' tag to Prudent Corporate IPO, Shruti Khandare, CMO at MyFundBazaar India said, "Prudent Corporate IPO provides retail wealth management services pan India with a strong revenue growth in the last 3-9 months, margins having improved from 9.3% to 17.5%. Furthermore, the IPO has diversified their portfolio into MF distributors', business, insurance services & stock broking services. High-risk investors can invest in this IPO from a medium to long term perspective. The investor may or may not get listing gains considering the bearish market at the moment."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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