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Business News/ Markets / Ipo/  Veritaas Advertising IPO: Issue booked over 621 times on day 3, retail portion sees huge demand. Check latest GMP
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Veritaas Advertising IPO: Issue booked over 621 times on day 3, retail portion sees huge demand. Check latest GMP

Veritaas Advertising IPO worth ₹8.48 crore consists of a fresh issue of 744,000 equity shares. The company plans to use the proceeds for capital expenditure and general corporate purposes. Veritaas Advertising IPO GMP is +100 today, with expected listing price of ₹214 per share.

Veritaas Advertising IPO opens for subscription on Monday, May 13, and will close on Wednesday, May 15. (www.veritaasadvertising.com)Premium
Veritaas Advertising IPO opens for subscription on Monday, May 13, and will close on Wednesday, May 15. (www.veritaasadvertising.com)

Veritaas Advertising IPO has opened for subscription on Monday, May 13, and will end on Wednesday, May 15. The advertising agency's initial public offering's price band has been set in the range of 109 to 114 apiece. Veritaas Advertising IPO lot size is 1,200 shares. Investors may bid for a minimum of 1200 shares or multiples thereof.

The equity shares are allocated as follows: Market Makers are allocated up to 37,200 equity shares, Non-Institutional Investors (NIIs) up to 1,06,800 shares, Retail Individual Investors (RIIs) up to 2,48,400 equity shares, and QIB Anchor Portion up to 1,74,000 equity shares.

As a fully integrated advertising firm, the company offers 360-degree services across several platforms. As one of the few media businesses that owns marketing and advertising agencies, the company has advertising space in West Bengal, Guwahati, and Shillong. The organisation also operates in Pune, Mumbai, and Delhi. The company runs and advertises on outdoor hoardings and police booths, reducing their dependency on third parties and enabling them to deliver integrated services.

Also Read: Veritaas Advertising IPO to open on May 13; price band set at 109-114 apiece

The company's listed peers include Crayons Advertising Ltd (P/E of 24.74) and Maagh Advertising & Marketing Services Ltd (P/E of 11.41).

In FY23, the firm generated 786.75 lakhs in sales, 104.96 lakhs in EBITDA, and 43.89 lakhs in PAT. Up to February 10th, 24, the firm made 903.97 lakhs in sales, 258.68 lakhs in EBITDA, and 156.79 lakhs in PAT.

Tentatively, the Veritaas Advertising IPO basis of allocation of shares will be concluded on Thursday, May 16, and the business will commence refunds on Friday, May 17, with the shares being credited to allottees' demat accounts on Friday. Veritaas Advertising's IPO shares are expected to be launched on NSE SME on Tuesday, May 21.

Also Read: TGIF Agribusiness IPO allotment to be out today; latest GMP, steps to check status

Veritaas Advertising IPO subscription status

Veritaas Advertising IPO subscription status is 621.62 times, on day 3.

The retail portion was subscribed 989.44 times, and NII portion was booked 629.56 times. QIB portion was booked 102.41 times. 

The company has received bids for 33,12,01,200 shares against 5,32,800 shares on offer, according to data on chittorgarh.com.

Veritaas Advertising IPO subscription status was 23.46 times, on day 1, and the issue was booked 119.23 times, on day 2.

Veritaas Advertising IPO details 

Veritaas Advertising IPO, which is worth about 8.48 crore, consists of a fresh issue of 744,000 equity shares with a face value of 10. There is no offer-for-sale component.

The company will use the net proceeds of the issue to finance the capital expenditure for the establishment of new police booths in West Bengal, Assam, Maharashtra, and Delhi; the capital expenditure for the establishment of traffic signal point displays in Kolkata, Mumbai, and Pune via Pole Kiosks; and general corporate purposes.

The Veritaas Advertising IPO's book running lead manager is Horizon Management Private Limited, while the issue's registrar is Mas Services Limited. The Veritaas Advertising IPO is being market-made by Horizon Financial Consultants.

Also Read: Indegene share price makes a bumper debut, stock opens with 45% premium at 655 on NSE

Veritaas Advertising IPO GMP today

Veritaas Advertising IPO GMP today or grey market premium is +110. This indicates Veritaas Advertising share price were trading at a premium of 110 in the grey market, according to investorgain.com.

Given the upper end of the IPO price band and the current grey market premium, the expected listing price for Veritaas Advertising shares is 224 per, which is 96.49% more than the IPO price of 114.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: TBO Tek IPO allotment to be finalised today; latest GMP, step-by-step guide to check status

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 13 May 2024, 02:22 PM IST
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