Ashish Kacholia-backed Radiowalla Network makes a strong debut, shares list at 58% premium on NSE SME platform

In a bumper opening, Radiowalla Network Ltd shares listed on the NSE SME platform, Emerge, at an impressive premium of 58% on Friday, April 5. Making a strong debut, the shares of Radiowalla Network Ltd listed at ₹120.15 per share against the issue price of ₹76 per share, reflecting a premium of 58%.

After listing, the stock rose further by 5% to hit the upper band at ₹126.15 apiece on the NSE SME platform, showing a total premium of 65% over the issue price. Exchange data showed that around 7.38 lakh shares of the Bengaluru-based company traded in morning deals. The traded value was ₹ 8.99 crore.

The market capitalisation of the company stood at ₹88.91 crore, making investors richer by around ₹35.3 crore compared to the issue price.

Radiowalla Network Ltd, which provides radio engagement and advertisement solutions to businesses in more than 10 countries, raised ₹14.25 crore from public issue through its IPO. The public offer closed for bidding on April 2 and received strong response from investors.

According to the exchange data, the Radiowalla Network IPO was booked more than 307 times on the final day. Demand for more than 38 crore shares was received against 12.36 lakh shares on offer, driven by retail as well as non-institutional investors.

The retail investors’ portion witnessed around 354 times subscriptions. Non-institutional investors’ (NIIs) category was booked 493 times and the qualified institutional buyers’ category was booked 88 times.

Radiowalla Network had raised around ₹4 crore from anchor investors. The company allotted 5.26 lakh equity shares at the cap price of ₹76 per share.

What will the company do with IPO proceeds?

The Bengaluru-based company has proposed to use IPO funds for meeting the expenditure on technology and financing working capital requirements. Radiowall Network seeks to invest ₹3.1 crore in software and hardware to further develop its platform. The company looks to spend on AWS and ChatGPT softwares.

Founded in 2010, Radiowalla Network provides radio engagement and advertisement solutions to businesses. The company provides radio services to retailers, malls, corporations etc. Its In-Store Radio Services and Corporate Radio Services are on a subscription basis.

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