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Prudent Corporate shares retrace after positive debut. Buy, sell or hold?

Prudent Corporate share listing: After debuting today at around 3 per cent premium, huge profit booking triggered in Prudent Corporate shares. After opening at 660 on BSE, Prudent Corporate share price gave sharp downside moves and hit intraday low of 591.20 on BSE. According to stock market experts, those who have booked profit in pre-opening session are advised not to enter at current levels whereas those who still hold the stock should maintain stop loss at 545 on closing basis and exit on bounce.

Speaking on Prudent Corporate share price outlook, Ravi Singhal, Vice Chairman at GCL Securities said, “Prudent Corporate shares have witnessed sharp profit-booking and the stock has been continuously dipping after listing at near 3 per cent premium. As the public issue was slightly higher in valuation, those who booked profit in pre-opening session are advised to avoid taking any fresh position in the counter whereas those who still hold the stock should maintain stop loss at 545 levels on closing basis and try exit on any strong rebound from lower levels.” Ravi Singhal of GCL Securities said that fresh buying is advisable only when the stock gives breakout above 660 on closing basis.

On suggestion to Prudent Corporate shareholders who have long-term view, Santosh Meena, Head of Research, Swastika Investmart Ltd said, “Prudent Corporate Ltd. has debuted at Rs. 650 i.e. 3.2 per cent above its issue price. The company’s tepid listing can be attributed to the rich pricing of the issue and the competitive and regulated nature of the industry. The company operates in an underpenetrated Indian asset management industry and has a consistent track record of profitable growth due to a highly scalable, asset-light, and cash generative business model. We suggest long-term investors accumulate this stock gradually on dips.”

Advising Prudent Corporate shareholders to hold the counter for long term, Mohit Nigam, Head – PMS at Hem Securities said, “Due to unstable market conditions, Prudent Corporate Advisory Services Limited received a drab response from investors. Company is operating in an underpenetrated Indian asset management industry with a CAGR of more than 20 per cent and a pan-India diverse distribution network with the potential to expand into underserved B-30 markets. Due to a highly scalable, asset-light, and cash-generative business strategy, the company has demonstrated a consistent track record of profitable expansion. As a result, we recommend holding the stock for the long term.”

Shares of Prudent Corporate Advisory Services listed today at NSE and BSE. Prudent Corporate shares debuted on NSE at 650 per share levels whereas on BSE it listed at 660 apiece levels. The retail wealth management services company raised a little over 159 crore from anchor investors ahead of its share sale.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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