The initial public offering (IPO) of Adcounty Media India Ltd. is continuing to witness strong demand across categories on the third day of bidding on Tuesday, July 1.
The BSE SME issue was overall subscribed 271.98 times, till 4:54 p.m., on the last day.
The IPO was subscribed 12.46 times on the second day of bidding on June 30.
The Qualified Institutional Buyers (QIBs) subscribed to the IPO 137.33 times, while the Non-Institutional Investors (NIIs) subscribed to their category 555.56 times. The retail quota was booked 227.27 times, as per data from the market tracking site Chittorgarh.
On the last day of the bidding, the latest GMP indicated the listing of the shares at a strong premium. Here's a look at the key details about the IPO and the latest GMP.
Adcounty Media India IPO GMP Today
The grey market premium (GMP) for the Adcounty Media India IPO stood at Rs 50 apiece at 4:00 p.m. on July 1. The latest GMP indicates an estimated listing price of Rs 135 apiece at a premium of 58.82% per share against the upper end of the issue price band.
Note: GMP does not represent official data and is based on speculation.
Adcounty Media India IPO: Key Details
The Adcounty Media India IPO is a book-building issue of Rs 50.69 crore. It comprises entirely a fresh issue of 59.63 lakh shares.
The price band for the IPO has been set between Rs 80 and Rs 85 per share.
To participate in the IPO, retail investors must bid for a single lot size of 1,600 shares, requiring a minimum investment of Rs 1,28,000. High-Net-Worth Individuals (HNIs) can invest by bidding for two lots, or 3,200 shares, amounting to an investment of Rs 2,72,000.
The IPO opened for subscription on June 27. The IPO share allotment status is expected to be finalised on July 2. Refunds for non-allottees will be processed on July 3. The company will transfer the shares to the Demat accounts of successful bidders on July 4.
The IPO listing date has been tentatively fixed as July 4. Shares of the company will be listed on the BSE SME platform.
Narnolia Financial Services Ltd. is the book-running lead manager of the Adcounty Media India IPO. Skyline Financial Services Pvt. is the registrar and Prabhat Financial Services Ltd. is the market maker for the issue.
About Adcounty Media India
Adcounty Media India is a provider of digital marketing solutions. Its services include search engine optimisation (SEO), social media marketing and pay-per-click (PPC) campaigns.
Use Of Proceeds
The company has proposed to use proceeds from the IPO to fund capital expenditure, meet working capital requirements and for general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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