SME IPO: Crayons Advertising public offer fully subscribed within hours of opening on Day 1

The initial share sale of Crayons Advertising was fully subscribed within hours of opening on Day 1, driven by strong demand from retail investors The issue closes for public subscription on May 25.

The retail investors portion was subscribed 3.13 times and the non-institutional investors category was subscribed 48%. There were no bids from qualified institutional buyers (QIB). Overall, the issue was subscribed 1.59 times so far on Day 1

The company has set the price band of Rs 62-65 per share (Rs 10 face value) through the book-building route and at the upper end, it will raise about Rs 41.79 crore.

According to market sources, the company's shares are commanding a premium of Rs 62 in the unlisted market.

Ahead of the IPO opening, the company had offered 18.30 lakhs shares to the anchor investors. Prominent international institutional investors, including Europe’s bank Societe Generale ODI, and other domestic institutional funds, have subscribed to Crayons Advertising’s anchor book.

Societe Generale ODI has been allocated 4.62 lakh shares. Among other institutional investors, Rajasthan Global Securities, NAV Capital Emerging Star Fund, Silver Stallion Fund participated in the anchor round.

On listing, Crayons Advertising will be India's first major homegrown integrated advertising agency to go public.

Corporate Capital Venture is the lead manager and played a leading role in the institutional placement. Skyline Financial Services is the registrar to the issue.

The shares of the company will be listed on NSE Emerge.

Incorporated in 1986, Crayons Advertising provides a high-end ecosystem and end-to-end ad-tech communication solutions platform for advertising media services consisting of brand strategy, events, digital media, print media, and outdoor (OOH) media services.

The public issue proceeds will be utilised for capital expenditure on infrastructure and cutting-edge technology.