Can you tell me about when the IPO of Prudent Corporate Advisory is opening and why are they raising fresh funds?

You must have read about the recent acquisition that Prudent Corporate Advisory had announced. It had recently taken over the complete MF distribution and agency business of the beleaguered Karvy Stock Broking. They also simultaneously have firmed up their IPO plans which is expected to be launched somewhere in the second half of the month of November. The IPO of Prudent Corporate Advisory will entirely be an offer for sale.

One of the major early investors in Prudent, TA Associates, will take partial exit through the offer for sale. The offer for sale (OFS) will entail the sale of 85,49,340 equity shares to the public with TA Associates being the major seller in the OFS. The main objective of the IPO is to list the stock and give an exit to the early investors. Prudent is a leading retail wealth management outfit with 7.7 lakh customers and over 17,500 MF distributors. Prudent also has 15.8% of the empanelled ARNs for MF selling.