Toss The Coin Makes Stellar Debut On BSE SME, Shares Surge 90 Pc Above IPO Price
Date
12/17/2024 2:09:07 PM
(MENAFN- KNN India)
Chennai, Dec 17 (KNN) Chennai-based marketing consulting firm Toss The Coin made a Stellar debut on the BSE SME platform on Tuesday, marking a significant milestone in its corporate journey.
The company's shares were listed at Rs 345.80, representing an impressive 90 percent premium over its initial public offering (IPO) issue price of Rs 182.
Even before the market opening, the company's shares generated considerable excitement in the grey market. Pre-listing trading indicated a premium of Rs 214, suggesting a potential listing price of Rs 398 per share-a remarkable 117.58 percent increase from the IPO's upper price band.
The initial public offering, which raised Rs 9.17 crore through a fresh issue, was open for subscription from December 10 to December 12.
The price band was strategically set between Rs 172 and Rs 182 per share, with a minimum lot size of 600 shares. Prior to the IPO's public launch, the BSE SME issue secured Rs 2.60 crore from anchor investors.
The IPO's subscription numbers were extraordinary, with the issue attracting an unprecedented 1025.76 times oversubscription on its final bidding day.
Breaking down the investor landscape reveals the remarkable interest across different investor categories: retail investors led the charge with a staggering 1550.76 times subscription, followed by non-institutional investors at 964.18 times, and qualified institutional buyers at 147.69 times their reserved portion.
The company intends to utilise the raised funds to enhance and expand its marketing consulting services, specifically targeting B2B technology clients.
This strategic approach appears to have resonated strongly with investors, as evidenced by the overwhelming response to its public offering.
(KNN Bureau)
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