Innovatus Entertainment Networks lists flat at ₹50 per share on BSE SME

livemint.com:

₹50 apiece, at par with its issue price, on the BSE SME platform. Innovatus Entertainment Networks IPO was subscribed 105.21 times during the subscription period of July 25 to July 27.

The public issue received strong response from retail investors who's portion was subscribed 150.50 times, followed by non-institutional buyers with 56.58 times subscription. The ₹7.74 crore worth Innovatus Entertainment IPO consisted of a fresh issue of 15.48 lakh equity shares.

The company issued shares at a fixed price of ₹50 in the IPO. The company plans to use the net proceeds from the offering to finance several objectives, including meeting extra working capital needs, buying exhibition-related merchandise, and basic business needs.

Innovatus Entertainment Networks was founded in 2012, provides various types of direct marketing services, including management, CRM, B2B and B2C, activations, and exhibitions. The company provides services like Event Management, Activations, and Exhibitions, as well as services like Event Coordination, Pre and Post event Publicity, Production, Printing and Distribution, Venue Research and Booking, Staffing, Guest Speakers, Celebrity Management, among others.