Prudent Corporate Advisory Services Ltd. ("PCASL" or the "Company"), one of the largest independent retail wealth management services group (excluding banks and brokers) in India and are amongst the top mutual fund distributors in terms of average assets under management ("AAUM") and commission received, filed its DRHP with SEBI.
The Company offers a technology enabled, comprehensive investment and financial services platform with end-to-end solutions critical for financial products distribution and presence across both online and offline channels. PCASL is the fastest growing national distributor (amongst the top 10 mutual fund distributors) in terms of commission and AAUM with a CAGR of 34.4% and 32.5% respectively for the five year period ending Fiscal 2021. The Company believes they have become an important interface between asset management companies ("AMCs") and mutual fund distributors or independent financial advisors ("MFDs") (and by extension, retail investors who avail services from such MFDs), over the last two decades. They are an independent platform with no single AMC contributing more than 15% of our AUM as of May 31, 2021.
The Initial Public Offer (IPO) consists of 8,549,340 equity shares of face value of ₹5 each of Prudent Corporate Advisory Services Limited comprising an offer for sale of up to 8,281,340 equity shares by Wagner Limited and up to 268,000 equity shares by Shirish Patel. This offer includes a reservation for purchase by eligible employees (the "Employee Reservation Portion").
The Book Running Lead Managers to the offer are ICICI Securities Limited, Axis Capital Limited and Equirus Capital Private Limited.
The equity shares are proposed to be listed on BSE and NSE.