The initial public offering (IPO) of Aspire & Innovative Advertising Limited has opened for bidding today (Tuesday) and will remain open till Thursday (March 28). The Aspire & Innovative Advertising IPO, valued at ₹21.97 crore, consists of a fresh issue of 4,068,000 equity shares with a face value of ₹10 each. The entire issue is a fresh offering with no offer-for-sale component.
The net proceeds from the offering will be utilised for capex and working capital purposes, repayment of debt, and general corporate purposes. The price band for the offer has been fixed at ₹51–54 per equity share, with a face value of ₹10 each.
For retail investors, the minimum lot size has been fixed at one lot, comprising 2000 shares. At the upper end of the IPO price band, at ₹54, retail investors are required to make a minimum investment of ₹108,000 per lot.
Aspire & Innovative Advertising is an SME IPO, with shares set to be listed on the NSE SME platform, tentatively scheduled for April 03, 2024.
Aspire & Innovative Advertising operates in the consumer durables trading sector, offering a diverse range of products such as kitchen appliances, home appliances, mobile phones, and solar products from brands like Bajaj, Prestige, Vivo, Samsung, and more.
Their product lineup caters to various price points, ensuring accessibility to a wide range of customers across India, especially in rural and semi-urban areas. By consolidating multiple brands under one platform, the company aims to enhance the lifestyles of its customers.
Established in 2017, their mission is to provide essential yet advanced products to rural and semi-urban populations, facilitating doorstep delivery to underserved areas, and particularly targeting unbanked and underbanked customer segments through strategic partnerships.
The Aspire & Innovative IPO saw a subscription rate of 0.86 times as of 01:00 p.m. Among the different categories of investors, the retail category subscribed it 1.24 times, while the qualified institutional buyers (QIB) category subscribed 0.72 times, and the non-institutional investors (NII) category subscribed 0.14 times, as per the Chittorgarh.
As per market observers, the Aspire & Innovative Advertising GMP or grey market premium today is ₹10 per share. With the upper end of the IPO price band set at ₹54 and the current premium in the grey market, the estimated listing price of Aspire & Innovative Advertising shares is ₹64 apiece, indicating a 19% increase over the issue price.
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The 'grey market premium' reflects investors' willingness to pay more than the issue price.
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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