Shares of Chennai-based integrated marketing services firm RK Swamy will be listed on the bourses today. The IPO has received an overwhelming response from investors. The ₹423.56-crore IPO received 25.94 times subscription securing bids for 21,35,31,650 shares against 82,32,946 shares on offer.
The company has fixed the IPO price at ₹288, at the upper end of the price band ₹270-288
Prashanth Tapse, Senior VP (Research), Mehta Equities, said: “Considering optimistic market mood along with decent subscription demand from all sets of investors on the last of the IPO process, we expect a flat listing to its issue price of ₹288 apiece.
The category for retail individual investors (RIIs) received 34.03 times subscriptions,while the portion for non-institutional investors/high networth individuals got subscribed 34.36 times. The quota for Qualified Institutional Buyers (QIBs) fetched 20.58 times the subscription. The employee portion was also booked 2.52 times.
On Friday, as part of the IPO exercise, the company raised about ₹187 crore from 18 anchor investors.
The Chennai-based company, which is engaged in the business of integrated marketing communications, customer data analysis and full-service market research, has allotted about 65 lakh shares to anchor investors at ₹288 a share.
Some of the anchor investors include Nippon Life India Trustee (₹50 crore), Aditya Birla Sun Life Insurance (₹20 crore), Pinebridge Global Funds (₹15 crore), Bajaj Allianz Life Insurance (₹15 crore) and SBI General Insurance, Gam Multistock and Societe Generale (₹10 crore each).
The money raised from the IPO is expected to be used for funding the setting up of a digital video content production studio, financing the IT infrastructure development of the company and its subsidiaries, and funding the setting up of new customer experience centres, among others.