Radiowalla Network IPO subscription closes with strong demand, issue booked 307 times on final day

Radiowalla Network Ltd IPO was subscribed more than 307 times on the final day of bidding on Tuesday, April 2. The public issue received a strong response from retail as well as non-institutional investors on the closing day.

According to NSE data, applications for 38.04 crore equity shares were received against 12,36,800 equity shares on offer, the NSE data until the closing of subscription window at 5pm showed.

Reflecting the huge interest among retail investors, the portion reserved for RIIs witnessed around 354 times subscriptions. Application for 21.85 crore shares were received against 6.17 lakh equity shares set aside for the category. Non-institutional investors’ (NIIs) category was booked 493 times on the final day. Applications for 13.07 crore equity shares were received compared to 2.65 lakh shares on offer for the segment.

The qualified institutional buyers’ portion was booked 88 times. Investors placed bids for 3.11 crore shares against 3.53 lakh shares set aside for the category.

Bengaluru-based Radiowalla Network launched the IPO on March 28 to raise ₹14.25 crore through its 100% book-built issue.

The public offer was fully booked within a few hours of launch. On the first day of bidding, the issue amassed 6.88 times subscription. Bids continued to pour in on the second day on April 1 with the issue subscribing 15.66 times on huge retail investors’ response.

Radiowalla Network raised around ₹4 crore from anchor investors ahead of the launch of the IPO.

Radiowalla Network Ltd IPO price band, lot size and other details

Radiowalla Network Ltd public issue comprised a fresh issue of 18.75 lakh shares and there was no offer for sale component. The ₹14.25-crore public offer was a book built issue. The company fixed the price band at ₹72-76 per equity share. The lot size was 1,600 equity shares for retail investors. The minimum application amount was ₹1.21 lakh for retail investors.

The company has proposed to utilise IPO proceeds to meet the expenses for investment in technology, financing capital expenditure and working capital requirements. It has plans to invest ₹3.1 crore in software and hardware to further develop its platform. The company looks to spend on AWS and ChatGPT.

Radiowalla Network Ltd IPO allotment and listing

Radiowalla Network Ltd is expected to announce the share allotment on April 3, 2024. The Radiowalla Network Ltd IPO share allotment status can be tracked on the NSE website. The allotment status of Radiowalla Network Ltd IPO will also be available on the official website of IPO registrar Maashitla Securities Private Limited.

The company has proposed to list shares on the NSE SME platform on Friday, April 5.

About Radiowalla Network Ltd

Radiowalla Network provides radio engagement and advertisement solutions to businesses in more than 10 countries. Incorporated in 2010, the company operates under a business-to-business (B2B) model and is working with more than 500 brands.

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