Prudent Corporate Advisory shares made a tepid stock market debut on Friday. The stock opened for trading at Rs 660 compared to its issue price of Rs 630, marking an upside of 5 per cent from its issue price on the BSE. On the National Stock Exchange, Prudent Corporate Advisory shares opened for trading at Rs 650, up 3.2 per cent from the issue price.
Soon after the listing, Prudent Corporate Advisory shares came under selling pressure and fell below its issue price. Prudent Corporate Advisory shares fell as much as 11.38 per cent from today's high price to Rs 576.
Prudent Corporate Advisory sold shares in the price band of Rs 595-630 per share during the three-day share sale via IPO which ended on May 12. The IPO was subscribed 1.22 times with retail portion getting subscribed 1.29 times, portion set aside for qualified institutional buyers (QIBs) was subscribed 1.26 times and shares set aside for non-institutional investors was subscribed 0.99 times.
Prudent Corporate Advisory Services provides retail wealth management services. The company offers Mutual Fund products, Life and General Insurance solutions, Stock Broking services, SIP with Insurance, Gold Accumulation Plan, Asset Allocation, and Trading platforms.
Prudent Corporate Advisory Services IPO was an offer for sale where its selling shareholders sold shares worth Rs 539 crore.
Retail investors were allowed to buy shares in the IPO in minimum one lot of 23 shares up to maximum of 13 lots. One lot of Prudent Corporate Advisory Services shares at the upper band of price band was priced at Rs 14,490 per share.
As of 1:57 pm, Prudent Corporate Advisory Services shares traded 11.54 per cent lower at Rs 557, underperforming the Nifty which was up 2.5 per cent.