Shares of Veritaas Advertising made a lightning start on its debut after listing at Rs 275. That’s a massive premium of 141.23 percent over the issue price of Rs 114 on the NSE SME platform.
The gains topped grey market estimates where shares were trading at a premium of 127 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
Read More: Hariom Atta & Spices IPO GMP Today: Rs 111 per share – Latest Grey Market Premium – Details
Established in 2018, the company is a full-service advertising agency offering a wide range of 360-degree marketing solutions across multiple platforms. The company possesses advertising spaces in West Bengal, Guwahati, and Shillong, distinguishing it as one of the rare media-owning marketing and advertising agencies. Additionally, Veritas operates in Delhi, Mumbai, and Pune.
Read More: Stocks To Watch: TCS, ONGC, Nestle, SAIL, Delhivery, Bandhan Bank, Lupin, and Others
The company plans to use the net proceeds to finance the capital expenditure for setting up new police booths in West Bengal, Assam, Maharashtra, and Delhi, and for installing pole kiosks with traffic signal displays in Kolkata, Mumbai, and Pune. Additionally, a portion of the proceeds will be allocated for general corporate purposes.
Read More: Stock Market Updates: Sensex Falls 100 Points, Nifty Below 22,500; Nestle Drops 2%
The Rs 8.48-crore public offer witnesses robust subscription figures across all categories. The issue was subscribed a massive 621.62 times, indicating an overwhelming demand for the the issue. Retail investors bought 989.44 times while Non-institutional investors also displayed remarkable enthusiasm with a subscription of 629.56 times. Furthermore, QIBs also exhibited substantial interest, subscribing 102.41 times.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.”
