Innokaiz India Limited, an Advertising & Marketing Solutions company based out of Chennai got listed on the SME platform of BSE Limited on 11th May, 2023. Gretex Corporate Services Limited, Merchant Banker based out of Mumbai was the Lead Manager to the Issue. The share debuts at a price of ₹148.20, which is 90% premium to the IPO Price of ₹78.00 . The Stock price closed at ₹155.61 on the Listing Day.
Few highlights of the issue:
• The Company came out with its Initial Public Offer (IPO) of 2,713,600 shares at a price of ₹78.00 amounting to ₹21.17 Crores.
• Company had received a tremendous response in its maiden IPO, the issue was subscribed by 88.43 times.
• The Anchor Investor Portion was fully subscribed. Additionally, the qualified institutional buyers (QIB) category was subscribed 23.93 times, while the non-institutional investors or high net-worth individuals' portion was subscribed 224.93 times & the retail investor's portion was subscribed 46.10 times.
• At the upper price band of ₹78.00, Innokaiz India Limited is valued at a price-to-earnings ratio of 7.62 times FY23 earnings and commands a market capitalisation of ₹159.09 crore as on the listing day. Post-IPO, the promoter will hold 71.99% of the company.
Recently the SME Platform of the stock exchanges has attracted the interest of investors of all categories viz financial institutions, Banks, High Networth Investors and Retail. This has helped in making the SME Platform vibrant and giving a lot of SMEs which are known as the backbone of Indian Economy a big push. Today the listing of Innokaiz India Ltd and huge interest of the investors is a testimony to this.
