IPO Reviews

Prudent corporate advisory services IPO (Initial Public Offering): Facts need to know before investing

Prudent corporate advisory services and its operation: The company is founded in 2000, with Headquarters in Ahmedabad, Gujarat. Prudent is one of India’s fastest-growing financial services groups, mainly operating as a non-banking financial company. The company is a distributor of a wide range of Financial and Investment advisory services for over two decades. Among the products, Prudent is into Mutual Fund, Insurance, Stockbroking, Fixed Income products, Properties, and loan business. The company provides services through different online platforms, such as a retail distribution through its partner network Prudent Connect and HNI & Institutional distribution through Prudent Private Wealth, etc. The company is present in 20 states with 109 branches. The company acquired the Mutual Fund business of Karvy Stock Broking in October 2021. This acquisition increased the asset under the management of the company.

Leadership team: Prudent Corporate Advisory Services Limited is founded by Sanjay Shah who is leading the company for the last 18 years.

Sanjay Shah is the Chairman and Managing Director of the Company. He owns a bachelor’s degree in business administration from Sardar Patel University and is also a qualified chartered accountant. He has been with the Company since its establishment and has experience in wealth management over the last two decades.

Shirish Patel is a Whole-time Director and the Chief Executive Officer of the Company. He owns a bachelor’s degree and a master’s degree in business administration for finance. He has been serving the Company since December 1, 2005. As the Chief Executive Officer of the Company, he has been involved in its business expansion and has expanded the company branch network from five to 105 branches as of date. He has approximately 22 years of experience in wealth management.

Chirag Shah is a Whole-time Director of the Company. He holds a bachelor’s degree in economics from South Gujarat University and is also a qualified chartered accountant. He has been acknowledged in the Institute of Chartered Accountants of India. He has around 17 years of experience across the insurance and compliance sectors.

Financial snapshot:

The IPO:

The company is coming up with an Initial public offering. The main objects of this IPO are to (i) to carry out the Offer for Sale, and (ii) to achieve the benefits of listing the Equity

Shares on the Stock Exchanges. The Company will not receive any amount out of this process. The net proceeds will go to the Shareholders selling their equities.

The total offer for sale is up to 8,549,340 Equity Shares and out of this Wagner Limited is selling up to 8,281,340 Equity Shares while Shirish Patel is offering up to 268,000 Equity Shares for sale.

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