Prudent Corporate Ends 10% Lower After Listing At A Premium To IPO Price

Shares of Prudent Corporate Advisory Services Ltd. declined after listing at a 4.7% premium to its IPO price on debut.

The stock of the wealth management and leading mutual fund distributor listed at Rs 660 apiece on the BSE, a premium of 4.7% to its IPO price of Rs 630.

The stock then fell as much as 14.1% to Rs 541, before paring some losses to close 10.8% down.

The offer saw subdued demand overall, with the portion reserved for non-institutional investors remaining undersubscribed by the end of day three. It was subscribed 1.22 times overall.

The company was selling shares at Rs 595-630 apiece, and was seeking to raise Rs 538 crore, all of which would go to the selling shareholders.