The Business Bytes
TBB BUREAU
MUMBAI, MAY 5
Prudent Corporate Advisory Services on Thursday set the price band of Rs. 595-630 per equity share of face value Rs. 5 for its Rs. 539-crore initial public offering (IPO).
The initial share-sale will open for public subscription on May 10 and the bidding for anchor investors will open on May 9, according to the company.
The initial share-sale of 85,49,340 equity shares comprises an offer for sale of 82,81,340 equity shares by Wagner Ltd and up to 2,68,000 equity shares by Shirish Patel.
At present, investor Wagner owns 39.91 per cent shareholding, and Shirish Patel, a Whole-time Director and Chief Executive Officer of the company, has 3.15 per cent stake.
At the upper end of the price band, the firm will raise around Rs 538.61 crore via IPO.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors. Besides, equity shares worth up to Rs 6.5 crore have been reserved for employees.
Investors can bid for a minimum of 23 shares and in multiples thereof.
ICICI Securities, Axis Capital and Equirus Capital are the book running lead managers to the issue.
