Shares of Radiowalla Network Limited made a bumper market debut on April 5, listing at Rs 120.15, a premium of 58 percent over the issue price of Rs 76, on the NSE SME platform. The listing topped the grey market premium as the share was trading at around Rs 114 ahead of the debut.
The Ashish Kacholia-backed firm's Rs 14.25-crore initial public offering (IPO) was subscribed 307.54 times. It was a fresh issue of 18.75 lakh shares.
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Established in July 2010, the company specialises in providing in-store radio services through a subscription model, offering exclusive radio channels tailored to individual brands.
The company also offers corporate radio services, delivering private radio channels designed for internal employee engagement within organisations.
Narnolia Financial Services Ltd was the book-running lead manager to the offer, while Maashitla Securities Private Limited is the IPO registrar. The price band for the issue was fixed at Rs 72-76
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