Financial services provider, Prudent Corporate Advisory Services IPO was fully subscribed on the third day of its issue. The initial public offer of Rs 538.61 crore closed for subscription on Thursday.
NSE data showed that IPO Cumulative bids were received for 73,30,928 equity shares against the proposed size of 60,18,689 equity shares – 1.22 times subscription.
The portion earmarked for Qualified Institutional Buyers (QIBs) and Retail Individual Investors (RIIs) was fully subscribed up to 1.26 times and 1.29 times, respectively.
However, the portion earmarked for non-institutional investors (NIIs) got subscribed up to 99% against the reserve size.
The price band for the IPO was from 595 630 per equity share of face value of Rs. 5 each.
Under the IPO, 50% of the total size was given to QIBs, 15% to NIIs and the remaining 35% to retail investors.
Following the IPO, the Company will be listed on both the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, BSE, “Stock Exchange”).