Veritaas Advertising IPO Listing
Veritas Advertising IPO Listings: Shares of Veritas Advertising have made a strong entry in the stock market. The company's shares were listed at Rs 275 on the NSE SME platform on Tuesday.
This is about 141.23 percent more than its issue price of Rs 114. This means that the investors who invested money in this IPO have got a bumper profit of about 141.23 percent on the very first day.
The listing of Veritas Advertising shares also exceeded gray market estimates. The gray market was expecting the stock to be listed at a premium of around 127 percent.
It is important to mention here that gray market is an unofficial platform where shares are traded before listing in the stock market.
Most investors look to the gray market to get an idea of the listing price. However, there is no guarantee that gray market estimates will prove correct.
Veritas Advertising's IPO was open for bidding between May 13 and 15. Its price band was Rs 109 to Rs 114 per share.
The lot size was 1,200 shares. The company's IPO received an overwhelming response from investors and was oversubscribed by 621.62 times till the last day.
Retail investors had subscribed the shares reserved for themselves 989.44 times.
Whereas in the quota reserved for NII, the company got 629.56 times more bids. QIB investors oversubscribed their reserved shares by 102.41 times.
The total size of the company's IPO was Rs 8.48 crore and it had put 7.44 lakh fresh shares for sale under it.
The company said that it will use the funds raised from the IPO to set up new police booths in West Bengal, Assam, Maharashtra and Delhi and to install traffic signal point displays in Kolkata and Mumbai.
Veritas Advertising Limited started its business in the year 20218. It is a comprehensive advertising agency that provides 360-degree services across multiple platforms.
It is one of the few advertising companies that has advertising space in West Bengal, Guwahati and Shillong. Apart from this, the company also works in Delhi, Mumbai and Pune.