HomeBusinessCrayons Advertising Ltd's IPO Oversubscribed by a Record 147.61 Times

Crayons Advertising Ltd’s IPO Oversubscribed by a Record 147.61 Times

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Crayons Advertising Ltd, a leading integrated ad-tech company in India, experienced astounding demand during its initial public offering (IPO), with subscriptions reaching an unprecedented 147.61 times the offered value of Rs. 4,104.67 crores.

The company witnessed exceptional interest from bidders, particularly in the retail segment, which was oversubscribed 169.94 times. Overall, Crayons Advertising received bids for 36.33 crore shares against the 21.38 lakh shares on offer.

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The Non-Institutional Investor category also demonstrated significant enthusiasm, with subscriptions reaching 231.94 times. The company received bids for more than 21.29 crore shares, surpassing the 9.18 lakh shares available for non-institutional investors. In the Qualified Institutional Buyer (QIB) category, 5.51 crore shares were subscribed, representing a demand of 45.14% of the shares on offer.

Crayons Advertising offered 42.78 lakh shares through book-building, with a price band of Rs. 62-65 per share. The allocation included 9.18 lakh shares for High Net Worth Individuals (HNIs), 12.22 lakh shares for QIBs, and 21.38 lakh shares for Retail Investors.

Notably, Crayons Advertising’s anchor book attracted prominent international institutional investors, including Europe’s Societe Generale ODI and other domestic and international institutional funds. The anchor book offered 18.30 lakh shares, and Societe Generale ODI received 4.62 lakh shares. Other institutional investors that secured allocations in the anchor book included Vikasa Global Fund PCC, Belgrave Investment Fund, Aegis Investment Fund PCC, Rajasthan Global Securities, NAV Capital Emerging Star Fund, and Silver Stallion Fund.

On June 2, 2023, when Crayons Advertising lists on the stock exchange, it will become India’s first major homegrown integrated advertising agency to go public. Corporate Capital Venture Private Limited serves as the lead manager for the IPO, while Skyline Financial Services acts as the Registrar. The company’s shares will be listed on the NSE Emerge.

Established in 1986 and promoted by Kunal Lalani, Crayons Advertising provides end-to-end ad-tech communication solutions for various media services, including brand strategy, events, digital media, print media, and outdoor advertising.

With plans to expand its operations, Crayons Advertising intends to invest in its own film and animation studios, strengthen its Web3 capabilities, and offer innovative Metaverse solutions such as augmented reality (AR), virtual reality (VR), and other immersive technologies.

Additionally, the company aims to enhance its event offerings with cutting-edge technology applications, expand its outdoor advertising business, and attract talent from the international market. The funds raised through the IPO will be utilized for capital expenditure on infrastructure and advanced technology.

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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

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