Shares of Prudent Corporate Advisory Services Ltd. declined after listing at a 4.7% premium to its IPO price on debut.
The stock of the wealth management and leading mutual fund distributor listed at Rs 660 apiece on the BSE, a premium of 4.7% to its IPO price of Rs 630.
The stock then fell as much as 14.1% to Rs 541, before paring some losses to close 10.8% down.
The offer saw subdued demand overall, with the portion reserved for non-institutional investors remaining undersubscribed by the end of day three. It was subscribed 1.22 times overall.
The company was selling shares at Rs 595-630 apiece, and was seeking to raise Rs 538 crore, all of which would go to the selling shareholders.
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