Prudent Corporate Advisory Services IPO (initial public offer) was subscribed 36% of the total quota on the first day of the subscription on Tuesday. Against 60,18,689 shares on offer, the IPO received bids for 21,85,276 shares on the Day 1.  

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Meanwhile, category reserved for Retail Individual Investors (RIIs) was subscribed 72 per cent, while the portion meant for non-institutional investors received 2 per cent subscription. 

The initial public offer is of up to 85,49,340 equity shares and is in a price range of Rs 595-630 per share. 

The three-day public issue of Retail wealth management firm will close on May 12. The company, which has fixed a price band of Rs 595-630 per share, aims to raise around Rs 538.61 crore at the upper end of the price band via IPO.  

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and 35 per cent for retail investors. Besides, equity shares aggregating up to Rs 6.5 crore have been reserved for employees. Investors can bid for a minimum of 23 shares and in multiples thereof.  

Ahead of the IPO, Prudent Corporate Advisory Services on raised a little over Rs 159 crore from anchor investors ahead of its initial share sale, as per the exchange data.  

What should investors do?   

Zee Business Managing Editor Anil Singhvi was of the view that one should not apply in this IPO with listing gain view. He suggested avoiding the issue if one is looking at Prudent Corporate Advisory Services IPO from listing gain point of view.   

"Given the current market sentiments, one should buy the shares post listing. "Only high-risk taking investors should apply for the issue with long-term view," said Singhvi.