Cash Ur Drive Marketing IPO closes with 75.7 times subscription, Renol Polychem issue 6.4x on final day

Cash Ur Drive Marketing IPO

Outdoor advertising firm Cash Ur Drive Marketing closed its initial public offering with a massive 75.7 times subscription, while the maiden public issue of masterbatches maker Renol Polychem saw tepid response, subscribing 6.4 times on August 4, the final day of bidding.

Both companies will finalise their IPO share allotment by August 5, and the trading in their shares will commence on the NSE Emerge effective August 7.

Cash Ur Drive Marketing has received 25.38 crore shares bids worth Rs 3,300 crore for its Rs 60.8-crore initial share sale compared to the offer size of 33.54 lakh shares via 62,838 applications.

The company launched its public issue on July 31 which consisted of fresh issue of 44.69 lakh shares and an offer-for-sale of 2.07 lakh shares by promoter.

Noida-based Cash Ur Drive, an out of home (OOH) advertising company, intends to utilise fresh issue proceeds for investment in technology, capital expenditure, working capital requirements, and general corporate purposes.

Meanwhile, the Renol Polychem IPO has garnered bids for 1.32 crore shares compared to the offer size of 20.7 lakh shares via 3,864 applications.

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The public issue comprised of entirely fresh issue of 24.54 lakh shares and the price band for the offer was Rs 100-105 per share.

Gujarat-based Renol Polychem that specialises in manufacturing of colour masterbatches and pigment is raising Rs 25.77 crore via initial share sale. These IPO proceeds will be used for the purchase of machinery, repayment of certain borrowings, and working capital requirements.

Narnolia Financial Services acted as the merchant banker for the Cash Ur Drive Marketing IPO, while the merchant banker for the Renol Polychem IPO is Corporate Makers Capital.