Thinking Hats IPO Subscribed 322.19 Times On Day Three; Check Latest GMP Here

The initial public offering of Thinking Hats Entertainment Solutions Ltd. was subscribed over 300 times so far on Friday, its final day of bidding. The IPO was subscribed over 65 times on Thursday and 17.31 times on Wednesday.

The NSE SME offering was an entirely fresh issue of 34.29 lakh shares aimed at raising Rs 15.09 crore. The company fixed the IPO price band in the range of Rs 42 to Rs 44 per share.

Retail investors could participate in the Thinking Hats Entertainment Solutions IPO with a minimum lot size of 3,000 shares, totalling an investment of Rs 132,000.

The subscription window for Thinking Hats Entertainment Solutions IPO closes on September 27.

Mas Services Limited is the registrar for Thinking Hats Entertainment Solutions IPO whereas Horizon Financial Pvt. is the book-running lead manager for the issue. The market maker for the NSE SME issue is Giriraj Stock Broking.

Thinking Hats Entertainment Solutions shares will be listed on the NSE SME platform, Emerge, tentatively on October 3.

The IPO was subscribed 322.19 times as of 7:00 p.m. on Friday.

• Qualified Institutions: 67.67 times

• Non-institutional investors: 356.81 times.

• Retail investors: 347.64 times.

The grey market premium of Thinking Hats Entertainment Solutions was Rs 30 as of 4:00 p.m. on Sunday, implying a 68.18% gain over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 74 per share.

GMP is not an official price quote for the stock and is based on speculation.

Incorporated in 2013, Thinking Hats Entertainment Solutions is a concept development, event design and production company specialising in live events, corporate, MICE (Meetings, Incentives, Conferences and Exhibitions), social and virtual events. The company is also engaged in OTT content production and experiential marketing.

The company entered the OTT content production space in 2019. It also makes short films for YouTube and corporate events movies.

The company plans to use the money raised via the public issue to settle its existing debts. A portion of the money raised via the issue may be used to meet the company's working capital requirements and general corporate purpose.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.