Innovatus Entertainment Networks has set the IPO’s price band at ₹50 per equity share and the share will be listed on the BSE SME exchange Friday, 4 August.
The Innovatus Entertainment IPO has a total issue size of ₹774.00 lakh, which consists of freshly issued equity shares. The company plans to use the net proceeds from the offering to finance several objectives, including meeting extra working capital needs, buying exhibition-related merchandise, and basic business needs.
The Innovatus Entertainment SME IPO share allotment will take place on Tuesday, 1 August. Those allotted shares will get them in their Demat accounts on Thursday, 3 August. The refund process for those who did not get shares will begin on Wednesday, 2 August.
Innovatus Entertainment Networks was founded in 2012, provides various types of direct marketing services, including management, CRM, B2B and B2C, activations, and exhibitions.
The company provides services like Event Management, Activations, and Exhibitions, as well as services like Event Coordination, Pre and Post event Publicity, Production, Printing and Distribution, Venue Research and Booking, Staffing, Guest Speakers, Celebrity Management, Transport, Accommodation and Catering, Translators, On-site management, Most advanced technical support, and School/College activation.
Innovatus Entertainment Networks IPOSubscription Status:
The SME initial public offering (IPO) of Innovatus Entertainment Networks Ltd was subscribed 7.61 times on day 1 so far. The issue received positive response from retail investors who’s portion set was subscribed 11.55 times, followed by non-institutional buyers who’s portion set was subscribed 2.62 times, according to data on chittorgarh.com.
The company has received bids for 1,11,93,000 shares against 1,548,000 shares on offer, at 18:10 IST, according to data on chittorgarh.com.
Innovatus Entertainment Networks IPO GMP details:
The Innovatus Entertainment Networks GMP or grey market premium is +10.50. This indicates that the shares of Innovatus Entertainment Networks were trading at a premium of ₹10.50 in the grey market on Tuesday, according to topsharebrokers.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Innovatus Entertainment Networks share is ₹60.5 apiece, which is 21% higher than the IPO price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
Updated: 25 Jul 2023, 06:18 PM IST