Two Gujarat-based companies launched their initial public offering (IPO) and the sale is set to conclude at the end of this week.
Ahmedabad-based Prudent Corporate Advisory Services kicked off for subscription yesterday, with shares ranging between Rs595 and Rs630 a piece. With theis the company is aiming to raise around Rs540 crore.
Prudent is one of the leading retail wealth management services groups in the country and among the top mutual fund distributors in terms of average assets under management and commissions received. The company offers comprehensive and bespoke financial services to Individuals, Corporate, HNIs and UHNIs matching their investment aspirations and risk appetite
Second company that opened its initial stake sale with 50.74 lakh equity shares, is Bhuj-based Venus Pipes & Tubes. The fund raised through this sale will be used capacity expansion and backward integration for manufacturing of hollow pipes and other such capital requirements.
The company has about six years of experience in manufacturing of stainless-steel tubular products. The customer base include players in different field like chemicals, engineering, food processing, fertilizers, paper, pharmaceuticals, power, and oil and gas.