The shares of Adcounty Media India made a strong market debut on July 4, listing at Rs 130 apiece on the BSE SME platform. This marks a premium of nearly 53 percent over the IPO price of Rs 85 apiece.
The listing premium is higher than grey market estimates. Ahead of listing, the unlisted shares of the digital marketing solutions provider were trading with a grey market premium (GMP) of nearly 47.06 percent over the issue price at Rs 125 apiece in the grey market, as per Investorgain.
The stock debuted with a market capitalization of over Rs 277 crore. Immediately after listing, the shares of the company dropped 5 percent to hit the lower circuit at Rs 123.50 apiece.
The Rs 50.69-crore maiden public issue of the company saw strong investor interest within its three days of public bidding, being subscribed a whopping 252 times between June 27 and July 1. The company had set a price band of Rs 80-85 per share for the IPO, which entirely comprised a fresh issue of around 60 lakh shares.
Investors could apply for a minimum of 1,600 shares, requiring an investment of Rs 1.36 lakh, and in multiples thereafter. The listing price implies that one lot of 1,600 shares would be worth Rs 2.08 lakh, implying a profit of Rs 72,000 per lot for allotted investors.
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The IPO funds will used for its capex, working capital requirements, and unidentified acquisition and general corporate purposes.
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