PremiumMUMBAI: Prudent Corporate Advisory Services Ltd. (PCASL) one of the largest mutual fund distributors in India, in terms of average assets under management and commission received, has filed its Draft Red Herring Prospectus (DRHP) with markets regulator Sebi. Mutual fund distributors receive commissions each year based on their average assets under management (AUM).
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 AUM with a CAGR of 34.4% and 32.5%, respectively for the five year period ending fiscal 2021.
The company has sought to become an important interface between asset management companies and mutual fund distributors (and by extension, retail investors who avail services from such MFDs), over the last two decades. Prudent is an independent platform with no single AMC contributing more than 15% of our AUM as of 31 May 2021.
The initial public offer (IPO) consists of 8,549,340 equity shares of face value of ₹5 each of Prudent Corporate Advisory Services Ltd comprising an offer for sale of up to 8,281,340 equity shares by Wagner Ltd and up to 268,000 equity shares by Shirish Patel. This offer includes a reservation for purchase by eligible employees.
The book running lead managers to the offer are ICICI Securities Ltd, Axis Capital Ltd and Equirus Capital Pvt. Ltd.
The equity shares are proposed to be listed on BSE and NSE.
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