RK Swamy IPO: Marketing services company raises Rs 187 crore from anchor investors
The highest allocation has been made to Nippon Life India Trustee LTD-A/C Nippon India Small Cap Fund at 26.72% followed by Aditya Birla Sun Life Insurance Company (10.68%), Pinebridge Global Funds (8.01%) and Bajaj Allianz Life Insurance Company.
Three mutual funds have applied through a total of seven schemes, where four funds from LIC Mutual Fund have been allotted shares in the IPO.
About RK Swamy IPO
The marketing services provider has set the price band at Rs 270-288 per equity share. The floor price is 54 times the face value of the share at Rs 5 while the cap price is 57.60 times. The company plans to raise Rs 423 crore through this issue. The three-day issue will close on March 6, Wednesday.
Of the Rs 423 crore, Rs 173 crore will be raised via issue of the fresh equity shares while the rest will go to the selling shareholders. The company’s IPO comprises a fresh equity issue of Rs 215 crore and an offer for sale of 87 lakh shares shares. Under the OFS, Srinivasan K Swamy, Narasimhan Krishnaswamy Evanston Pioneer Fund Prem Marketing Ventures will offload shares.
A minimum bid of 50 shares or 1 lot can be made and in the multiples of 50 shares, thereafter. For employees, there is a discount of Rs 27 per share.
Market regulator Sebi approved the IPO proposal of integrated marketing services provider RK Swamy in January this year. During the week, the regulator has issued an observation letter to the company regarding the public offer.
In Sebi's parlance, an observation letter is equivalent to
