Veritaas Advertising IPO booked over 7x on Day 1; Indian Emulsifiers' issue near full subscription
IPO of Veritaas Advertising opened for subscription earlier on Monday and the issue was fully subscribed within hours of the launch. The overall subscription stood at 7.69 times, driven by strong interest from retail investors.
The IPO is entirely a fresh equity issue of 7.44 lakh shares and through the issue, the company aims to raise nearly Rs 8.5 crore.
The company is offering its shares at Rs 109-114 apiece, and investors can bid for 1200 shares in one lot.
About 50% of the offer is reserved for QIB retail investors, 35% for retail investors and the remaining 15% for non-institutional investors.
The net proceeds from the public offer will be used to fund capital expenditure towards setting up new police booths, Pole Kiosks for setting up traffic signal point display and other general corporate purposes.
The company is an integrated advertising agency having its own media, offering 360-degree services across multiple platforms. It owns advertisement spaces in West Bengal, Guwahati and Shillong.
Also Read: Indian Emulsifier IPO: Check issue size, price band, GMP and other details
Horizon Management is acting as the lead manager to the issue and Mas Services is the registrar.
Meanwhile, the public offer of Indian Emulsifiers, which also opened for subscription on Monday, is nearly fully booked so far. The overall subscription stood at 92%.
The IPO, which is entirely a fresh equity issue of 32.11 lakh shares, is priced in the range of 125-132 per unit.
Funds raised from the issue are proposed to be used
