Toss The Coin shares hit 5% upper circuit after listing at 90% premium to IPO price

Marketing consultancy services provider Toss The Coin Ltd made a stellar debut on the BSE SME platform on Tuesday, December 17, with its shares listing at 90% premium to the IPO price.

Shares of the company opened at ₹345.8 apiece on the BSE against the issue price of ₹182 per share.

Soon after listing, the stock further rallied 5% to hit the upper circuit limit of ₹363.05 apiece.

More than 32 lakh shares of the company changed hands within the first 5 minutes of trade. The turnover stood at ₹1.12 crore. The market valuation of the company stood at ₹68.62 crore.

At the listing price of ₹345.8 apiece, the value of a single lot of the company’s shares allotted to an IPO investor stood at ₹2,07,480 (₹345.8 x 600). Thus investors, who bagged at least a single lot of shares in the IPO share allotment, would have made gains of around ₹98,280 against the minimum investment of ₹1,09,200 per lot.

Toss The Coin IPO details

Toss The Coin Ltd last week raised ₹9.17 crore through its initial public offering. The IPO received a robust response from investors with total bids exceeding 1,025 times the shares on offer, driven by retail investors.

The company, which provides marketing consulting services to B2B firms in the technology sector, launched its IPO on December 10. The BSE SME issue closed for bidding on December 12.

According to exchange data, Toss The Coin IPO received applications for more than 34.4 crore shares compared to 3.35 lakh shares on offer, leading to an over-subscription of 1,025.83 times, and generating demand for shares worth ₹6,261.52 crore.

Retail individual investors (RII) applied for 26.05 crore shares against their allocation of 1.68 lakh shares. The retail portion was booked 1,550.76 times.

The Non-Institutional Investors (NII) placed applications for 6.94 crore shares compared to the quota of 72,000 shares. The NIIs’ segment was booked 964.54 times.

The Qualified Institutional Buyers (QIBs) placed bids for 1.4 crore shares against 95,400 shares on offer, leading to an over-subscription of nearly 148 times in the segment.

The company earlier raised ₹2.6 crore from anchor investors. It allotted 142,800 shares at a price of ₹182 per share – the upper limit of the price band to two fund schemes, Next Orbit Ventures Fund and Evergrow Capital Opportunities Fund.

Toss The Coin has proposed to utilise the IPO proceeds for developing a microservices application.

The company also seeks to utilise IPO funds for opening new offices, meeting working capital requirements and other general corporate purposes.

Toss The Coin’s services include go-to-market strategies pertaining to branding, designs, content development, social media campaigns, customer management, and web design, among others.

Toss The Coin reported revenue of ₹4.38 crore for the April-September period of FY 2024-25. Profit after tax stood at ₹1.16 crore.

For FY 2023-24, the company reported revenue of ₹4.95 crore against 4.83 crore in the previous financial year. Its profit after tax in FY24 stood at ₹1.09 crore compared to ₹1.78 crore in the preceding financial year.