Financial services provider, Prudent Corporate Advisory Services is also among the many IPOs awaited next week. The company will begin its initial public offering on May 10, 2022. Subscription for this IPO will be available till May 12. However, bidding for anchor investors will be allowed on May 9, 2022.
Here are 10 key features of the IPO:
1. The IPO This includes an offer for sale of up to 8,549,340 equity shares of face value 5 each which includes 8,281,340 equity shares by Wagner and 268,000 equity shares by Shirish Patel.
2. Also, the offer includes reservation of equity shares in aggregate 6.5 crores for membership by eligible employees (“Staff Reservation Part”).
3. The price band for the IPO has been fixed: 595 per equity share to 630 per equity share of face value of Rs. 5 each.
4. Have an Employee Exempt 59 per equity share offered to eligible employees under the employee reservation portion.
5. Under IPO, bidding can be done for a minimum of 23 equity shares and thereafter in multiples of 23 equity shares.
6. Qualified Institutional Buyers (QIBs) – Up to 50% of the IPO size is allocated to Qualified Institutional Buyers (“QIBs”) on a proportionate basis. However, in consultation with BRLMs, the company can allocate up to 60%. of QIB category on a discretionary basis, of which one-third will be reserved for domestic mutual funds, subject to valid bids received from domestic mutual funds at or above the price at which equity shares are allotted to anchor investors. In the event of under-subscription or non-allocation in the Anchor Investor Partition, the remaining equity shares will be clubbed in the QIB category (other than the Anchor Investor Part). Further, 5% of the QIB category (excluding the anchor investor portion) is allocated to Mutual Funds only and the remaining QIB category will be available for allocation to all QIBs on a proportionate basis.
7. Non-Institutional Investors (NIIs) – At least 15% of the IPO size has been allocated for this category, out of which (a) one-third of such share shall be reserved for applicants whose application size exceeds 2 lakh and up to One billion; and (b) two-thirds of such share shall be reserved for applicants whose application size exceeds 1 million, provided that the unsubscribed portion in any such sub-category may be allotted to applicants in other sub-category of non-institutional bidders.
8. Retail Individual Investors – In compliance with SEBI ICDR Regulations, at least 35% of the IPO size is allotted to this category, provided valid bids are received at or above the offer price.
9. ICICI Securities, Axis Capital and Equirus Capital are the Book Running Lead Managers of the offer.
10-. The Equity Shares offered in this Offer are proposed to be listed on both the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, BSE, “Stock Exchange”).