Prudential Corporate IPO: Shares of Retail Wealth Management Services Company are going to land on Dalal Street today. According to the information available on BSE website, the equity shares of Prudent Corporate Advisory Services Limited will be listed and admitted for transaction on the Exchange in Listing ‘B’ group of securities in a special pre-open session on 20th May 2020 i.e. today. According to stock market experts, a lot will depend on the mood of the market. He said the stock may have a ‘moderate’ opening and may open at a discounted price if the selling heat continues in the market.
Expected for ‘Medium’ debut Prudential Corporate SharesAvinash Gorakshakar, Head of Research, Profitmart Securities said, “It will not open strongly. A lot will depend on the market mood. If the market opens up, we can expect the stock to open around the downside. from 630 650 Whereas in case of weak opening, the stock can speak at a discount of about 5 percent or below 600 levels.” He added that the retail wealth management company has a strong business model, but due to high valuation and price, it got weak response from investors and the same is going to happen with the stock even after listing. He added that Since its peers like Anand Rathi Wealth are available at more attractive valuations, the stock may not attract large investors post listing.
Echoing the views of Avinash Gorakshakar, Anuj Gupta, Vice President – Research at IIFL Securities said, “Prudent Corporate shares are getting listed at a time when the market is in complete bear grip. In fact, if we look at Thursday’s If we close the US markets, then the chances of a weak opening today are very high. So I would not be surprised if the stock opens at some discount. Anuj Gupta of IIFL Securities said that Retail Wealth Management Services may open in the company’s stock range from 570 595 in case of bears while in case of bulls it may open around 640-650 each level.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.