Prudent Corporate Makes Moderate Listing; Lists At Rs. 660/Share On BSE

After the muted listing of LIC, shares of Prudent Corporate listed with moderate gains. As against the IPO issue price of Rs. 630 per share on the NSE settled at Rs. 650 per share, while on the BSE its shares settled at Rs. 660 per share, a gain of 4.76% to the IPO price. The BSE website suggests that the shares of Prudent Corporate will be listed and admitted to dealings on the exchange in the list of 'B' group securities today.

Prudent Corporate Makes Moderate Listing; Lists At Rs. 660/Share On BSE

The company is a leading diversified financial servcies group. The company distributes a range of financial products and has been in presence for over 2 decades.

The market experts expected the stock to list depending on the market mood. So, if the previous day's sell-off continues then the stock shall see muted or at discount listing.

Expecting 'moderate' debut for Prudent Corporate shares, Avinash Gorakshkar, Head of Research at Profitmart Securities is quoted as saying in a leading business dailies that "It won't have a robust opening. Much will depend on the market mood. If the market opens upside we may expect the stock to open around ₹630 to ₹650 while in the case of weak opening, the stock may open at around 5 per cent discount or say below ₹600 levels." He said that the retail wealth management company has a strong business model but due to higher valuations and price, it received tepid response from investors and this is going to happen with the stock after listing as well. He said that its peers like Anand Rathi Wealth are available at more attractive valuations so the stock may not attract big investors post-listing.

The company's shares were subscribed 1.22 times. The public issue subscribed 1.29 times in the retail category, 1.26 times in QIB, and 0.99 times in the NII category by May 12, 2022.

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