Radiowalla Network IPO booked nearly 33 times on Day 3: Check latest subscription status and price band
Upstox
3 min read • Updated: April 1, 2024, 2:35 PM
Summary
The NSE SME IPO of Radiowalla Network Ltd, opened for subscription on 28 March, was fully subscribed within a few hours of launch. Shares of Radiowalla Network are expected to be listed on the stock exchanges on Friday, April 5.
Radiowalla Network Ltd IPO continued to see a strong demand from the investors on day 3 of subscription on April 1, 2024. The initial public offer was booked nearly 33% until 1.30 pm on Monday, according to the NSE data.
The public offer received bids for 4.05 crore shares compared to 12.36 lakh shares on offer for the public investors reflecting a subscription of 3.78%, the NSE data showed.
The NSE SME IPO of Radiowalla Network Ltd, opened for subscription on 28 March, was fully subscribed within a few hours of launch. The issue will close for subscription on April 2, Tuesday.
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The retail portion saw highest demand with bidding for more than 3.44 crore shares compared to 6.17 lakh shares set aside for the category. The retail investors’ portion was booked nearly 56 times.
Non-institutional investors (NIIs) placed bids for 57.52 lakh shares compared to 2.65 lakh shares on offer for the segment, indicating a subscription of nearly 22 times.
The qualified institutional buyers’ portion was also fully booked as the investors placed bids for 3.77 lakh shares against 3.53 lakh shares set aside for the category.
Radiowalla Network Ltd IPO price band, share allotment and listing
Radiowalla Network Ltd IPO share allotment status is expected to be finalised on Wednesday, April 3. Successful bidders can expect the shares to be credited in their demat accounts on April 4, with others receiving refunds in their bank accounts on the same day.
Shares of Radiowalla Network are expected to be listed on the NSE Emerge platform on Friday, April 5.
Bengaluru-based Radiowalla Network is a leading radio engagement and advertisement solutions provider. The company aims to raise around ₹14.25 crore through its 100% book-built issue.
Radiowalla Network IPO price band has been fixed at ₹72-76 per equity share. The lot size for retail investors is 1,600 equity shares. This translates into a minimum application amount of almost ₹1.21 lakh per application.
The company plans to utilise the IPO proceeds for investment in technology, meeting capital expenditure and working capital requirements and general corporate purposes.
Of the total funds raised, Radiowalla Network plans to invest ₹3.1 crore in software and hardware to further develop the platform. It has proposed to spend on AWS and ChatGPT softwares.
It also plans to use ₹1.9 crore to meet capital expenditure for visual advertising solutions, including Digital Out-of-Home (DOOH) advertising and Android media players. Besides that, ₹4.5 crore would be set aside for working capital requirements.
Radiowalla Network has appointed Maashitla Securities Pvt. Ltd as the registrar for the issue. Narnolia Financial Services Ltd is the book running lead manager, while SS Corporate Securities is the market maker for the IPO.
About Radiowalla Network
Incorporated in 2010, Radiowalla Network provides radio engagement and advertisement solutions to businesses in more than 10 countries. It operates under a Business-to-Business (B2B) model and is working with more than 500 brands.
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