Veritaas Advertising Shares Soar On Market Debut On NSE Emerge
Date
5/21/2024 2:25:58 PM
(MENAFN- KNN India) New Delhi, May 21 (KNN) Veritaas Advertising, a full-service marketing and advertising firm, experienced a Stellar stock market debut on the NSE SME platform Tuesday.
The company's shares commenced trading at Rs 275, marking a substantial 141.23 per cent premium over the issue price of Rs 114.
The robust first-day performance exceeded expectations from the unofficial grey market, where shares were trading at a 127 per cent premium prior to the listing.
Founded in 2018, Veritaas owns advertising spaces across West Bengal, Guwahati, Shillong, Delhi, Mumbai, and Pune, distinguishing itself as a rare media-owning advertising agency.
The company offers comprehensive 360-degree marketing solutions spanning multiple platforms.
Veritaas intends to utilise the net proceeds from the Rs 8.48 crore public issue to finance capital expenditures.
This includes establishing new police booth displays in West Bengal, Assam, Maharashtra, and Delhi, as well as installing pole kiosks with traffic signal displays in Kolkata, Mumbai, and Pune. A portion of the funds will also contribute to general corporate purposes.
The public offering garnered robust subscription figures across all investor categories.
The issue was oversubscribed by 621.62 times overall, reflecting overwhelming demand. Retail investors subscribed 989.44 times the offering size, while non-institutional investors subscribed 629.56 times.
Significantly, qualified institutional buyers also demonstrated substantial interest, subscribing 102.41 times.
(KNN Bureau)
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