 "Investors subscribe R K Swamy IPO 2.18 times on first day of bidding")
The initial public offering of integrated marketing services firm R K Swamy was subscribed 2.18 times on the first day of bidding on Monday.
The Rs 423.56 crore-initial share sale received bids for 1,79,73,350 shares against 82,32,946 shares on offer, as per NSE data.
The category for Retail Individual Investors (RIIs) got subscribed 7.84 times and non-institutional investors part received 2.97 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent.
The Initial Public Offering (IPO) has a fresh issue of up to Rs 173 crore and an Offer For Sale (OFS) of up to 87 lakh equity shares worth Rs 250.56 crore at the upper end of the price band.
The IPO comes in a price range of Rs 270-288 a share.
RK Swamy Ltd on Friday said it has collected Rs 187 crore from anchor investors.
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Funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes.
Also, funds would be utilised for investment in the IT infrastructure development of RK Swamy Ltd and its subsidiaries Hansa Research and Hansa Customer Equity.
RK Swamy Ltd is the largest Indian majority-owned integrated marketing services provider in India, offering a single-window solution for creative, media, data analytics, and market research services.
SBI Capital Markets, IIFL Securities and Motilal Oswal Investment Advisors are managers to the offer.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)