Toss The Coin IPO Subscribed Over 1000 Times on Final Day; GMP Soars Over 109%

The IPO of Toss The Coin Ltd. witnessed monumental interest from investors on its final day. The SME issue was booked over 1000 times on Thursday, led by demand from retail investors and non-institutional buyers.

The IPO was fully subscribed within hours on Tuesday when the SME issue opened for bidding. Toss The Coin SME IPO was an entirely fresh issue of 5.04 lakh shares worth Rs 9.17 crore.

Here's all you need to know about Toss The Coin IPO.

The IPO has been subscribed 1025.76 times as of 6:00 pm on Thursday

• Qualified Institutions: 147.69 times

• Non-Institutional Buyers: 964.18 times

• Retail Investors: 1550.76 times

Toss The Coin IPO GMP (grey market premium) was Rs 199 as of 4:32 p.m. on Thursday. This indicates a potential listing gain of 109.34% over the issue price. The estimated listing price is Rs 381 per share, according to InvestorGain

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Toss The Coin IPO price band was fixed at Rs 172 to Rs 182 per share. Retail investors had to buy at least 600 shares in one lot, taking the minimum investment amount to Rs 1,09,200.

As per the company's red herring prospectus, of the 5,04,000 shares offered, 18.93% were reserved for Qualified Institutional Buyers, 14.29% for Non-Institutional Buyers, 33.33% for Retail investors and 28.33% for Anchor investors.

Link Intime India Pvt. is the registrar for the Toss The Coin IPO. Meanwhile, Beeline Capital Advisors Pvt. is the book-running lead manager and Spread X Securities is the market maker for the issue.

The IPO was subscribed 369.60 times on Wednesday

• Qualified Institutions: 0.15 times

• Non-Institutional Buyers: 255.23 times

• Retail Investors: 628.42 times

The IPO was subscribed 91.31 times on Tuesday.

• Qualified Institutions: 0.01 times

• Non-Institutional Buyers: 60.92 times

• Retail Investors: 156.19 times

The finalisation of share allotment status for Toss The Coin IPO is set for Dec. 13. Shares will be credited to the demat accounts of successful bidders on Dec. 16, and refunds for non-allottees will be initiated on Dec. 16.

Toss The Coin shares are expected to list on BSE SME on Dec. 17.

Toss The Coin Ltd. is a marketing consulting company offering custom-made marketing services to clients, including B2B tech companies. They have worked with several big and small technology companies to craft their GTM strategies.

The company provides solutions, including branding, consulting content development, designs, websites, social media campaigns, customer success management and design thinking-based problem-solving workshops.

Use Of Proceeds

Toss The Coin Ltd. will use proceeds of the IPO to fund the capex required for developing a microservices application and opening new offices. The remaining proceeds will be used to fund working capital requirements and for general corporate purposes. 

Financials

Toss The Coin Ltd. reported a revenue of Rs 4.35 crore in the period ended September 30. Net profit during this period was recorded at Rs 1.16 crore. In FY24, the company reported a 2.5% year-on-year jump in its revenue to Rs 4.96 crore from Rs 4.83 crore in FY23. The net profit, however, dipped 38% YoY to 1.09 crore from Rs 1.78 crore in FY23.

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