Mumbai . The Initial Public Offering of Prudent Corporate Advisory Services Limited (Company) will open on May 10, 2022. The Bid/Offer Period for Anchor Investors will start one working day before the Bid i.e. 09th May, 2022.
The price band of the offer is fixed at ₹595 to ₹630 per equity share at the face value ₹5 per share. This offer includes an employee discount of ₹59 per equity share on the offer price for eligible employees bidding in the Employee Reservation portion (defined below). Bidding can be made for a minimum of 23 equity shares and thereafter in multiples of 23 equity shares.
The Offer comprises 8,549,340 equity shares of face value ₹5 each, which includes 8,281,340 equity shares by Wagner Limited and 268,000 equity shares by Shirish Patel (by selling shareholders and such an offer is called an offer for sale).
The offer includes reservation of equity shares for a total of ₹65.00 million for subscription by eligible employees (Employee Reservation Part).
The offer is being made in accordance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, (SCRR) read with Regulation 31 of SEBI ICDR Regulations. In compliance with Regulation 6(1) of SEBI ICDR Regulations, the offer is being made through book building process, where not more than 50 per cent of the net offer will be available for allocation on proportionate basis to Qualified Institutional Buyers (QIBs) ( QIB Category), provided that our Company and the Selling Shareholders may, in consultation with BRLMs, on a discretionary basis, allot up to 60 per cent of the QIB Category to Anchor Investors (Anchor Investor Portion). Of these, one-third shall be reserved for domestic mutual funds, provided there are valid bids 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 added to the QIB category (other than the Anchor Investor Portion).
Further, 5 per cent of the QIB category (excluding the anchor investor portion) will be available for allocation to mutual funds only on a proportionate basis and the remainder of the QIB category will be available for allocation to all QIBs on a proportionate basis, including mutual funds , subject to valid bids received at or above the offer price. Further, at least 15.00 per cent of the net offer shall be available for allotment to non-institutional bidders, out of which (a) one third of such share shall be reserved for those applicants. This reservation will be available for applicants whose application size is more than ₹ 200,000 and up to ₹ 1 million. and (b) two-thirds of such share shall be reserved for applicants with an application size exceeding ₹1 million, provided that the unsubscribed share in any such sub-category shall be non-institutional bidders and 35.00 per cent of the net offer shall be available for allotment to Retail Individual Bidders (RIBs) as per SEBI ICDR Regulations, subject to valid bids received at or above the offer price. All potential bidders (other than anchor investors) will compulsorily participate in the offer through an application supported by Block Amount (ASBA) process and access their respective bank accounts (including UPI ID for UPI bidders using the UPI system). shall provide the details in which the bid amount will be blocked by the SCSB or the sponsor bank, as the case may be, under the UPI system. Anchor investors are not allowed to participate in offers through the ASBA process.
The equity shares offered in this offer are proposed to be listed on both BSE Limited (BSE) and National Stock Exchange of India Limited (NSE, BSE – Stock Exchange).
ICICI Securities Limited, Axis Capital Limited and Equirus Capital Private Limited are the Book Running Lead Managers of the Offer.
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