Veritaas Advertising IPO: The initial public offering of Veritaas Advertising Ltd, which is going to be closed on May 15, has received a whopping response from investors. Till 10:37 am on the final day of bidding on Wednesday, the Rs 8.48-crore SME IPO received an overwhelming 156.99 times subscription, garnering bids for 8,36,43,600 shares as against 5,32,800 shares on offer.
The retail category has received an overwhelming 277.26 times subscription, while the non-institutional investor (NII) category got a 136.49 times subscription. The QIB category got 1.1 times subscription.
The Veritaas Advertising IPO was opened for public subscription on May 13. The share allotment will likely be finalised on May 16, while the listing will take place on May 21 on the NSE SME.
The price band of the IPO was fixed at Rs 109-Rs 114 per share.
Veritaas Advertising IPO GMP Today
According to market observers, unlisted shares of Veritaas Advertising Ltd are trading Rs 110 higher in the grey market as compared with its issue price. The Rs 110 grey market premium or GMP means the grey market is expecting a strong 96.49 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
About Veritaas Advertising IPO
Veritaas Advertising IPO is entirely a fresh issue of 7.44 lakh shares. Veritaas Advertising IPO price band is set at Rs 109 to Rs 114 per share.
The minimum lot size for an application is 1,200 shares. The minimum amount of investment required by retail investors is Rs 1,36,800. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to Rs 2,73,600.
Horizon Management Private Limited is the book running lead manager of the Veritaas Advertising IPO, while Mas Services Limited is the registrar for the issue. The market maker for Veritaas Advertising IPO is Horizon Financial Consultants.
Veritas Advertising Limited, set up in 2018, is a comprehensive advertising agency that provides 360-degree services across various platforms. The company owns advertising spaces in West Bengal, Guwahati, and Shillong, making it one of the few media-owning marketing and advertising agencies. The company also operate in Delhi, Mumbai, and Pune.
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