Aspire and Innovative Advertising shares list at over 4% premium to IPO price
Upstox
2 min read • Updated: April 3, 2024, 1:31 PM
Summary
Aspire and Innovative Advertising shares listed at a premium of 4.6% to the issue price on Wednesday, April 3. The company raised around ₹22 crore from public investors through an IPO that closed for subscription on March 28.
Aspire and Innovative Advertising made a tepid debut as the shares listed at ₹56.5 apiece on the NSE SME platform, Emerge, against the issue price of ₹54 per piece.
The stock edged up to trade 0.09% higher at ₹56.55 against the listing price later. Around 12.14 lakh shares of the company changed hands in the first 15 minutes of the trade. The traded value was ₹6.86 crore.
The company raised around ₹22 crore from public investors through an IPO that closed for subscription on March 28. Aspire & Innovative IPO, launched on March 26, was a book-built issue comprising a fresh issue of 40.68 lakh shares. The price band was ₹51-54 per share. The company finalised the share allotment on April 1.
The public offer of the company was a success as it was booked a little over 15 times, driven by strong demand from retail as well as non-institutional investors.
According to exchange data, applications for 4.10 crore equity shares were received against 27.08 lakh shares on offer. Qualified institutional buyers’ portion as subscribed 5.21 times. Bids for 40.36 lakh shares were garnered against 7.74 lakh shares on offer.
Non-institutional buyers’ portion was booked 25.60 times as bids for 1.48 crore shares poured in against 5.80 lakh shares on offer. Retail investors’ portion was booked 16.39 times with bids for 2.21 crore shares against 13.54 on offer.
Aspire and Innovative Advertising earlier raised ₹6.24 crore from anchor investors ahead of the launch of its IPO.
About Aspire and Innovative Advertising
Aspire and Innovative is engaged in trading of consumer durables like kitchen and home appliances, white goods, mobile phones and accessories, solar products etc. The company deals in multiple brands such as Bajaj, Prestige, Vivo, Samsung, Crompton, Whirlpool, Hindware, and Havells. The company primarily focuses on rural and semi-urban areas. It sells products mainly through intermediaries like Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs).
It has entered into commercial arrangements with a large number of intermediaries like Non-Banking Financial Companies (NBFCs), Non-Banking Financial Companies (NBFCs)- Micro Finance Institutions (MFIs) along with warehousing and transportation facilities in 16 states across India.
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