The initial share sale of Toss The Coin saw massive demand from investors, getting subscribed 952.56 times on the final day of bidding of December 12, while the grey market premium spiked further signalling strong listing in the coming week.
The marketing consulting company aims to raise Rs 9.17 crore via public issue at the upper end of price band of Rs 172-182 per share. The IPO comprises solely fresh issue of 5.04 lakh equity shares.
The issue has received bids for 34.4 crore equity shares, compared to 3.61 lakh shares through 4.56 lakh applications during December 10-12, the subscription data on the BSE showed.
The demand to the issue was robust from across categories of investors with retail investors being at the top with 1,550.76 times bids compared to their allotted quota. Non-institutional investors bought 710.09 times the part set aside for them, while the reserved portion of qualified institutional buyers was subscribed 147.69 times.
Toss The Coin IPO shares traded at a healthy premium of more than 100 percent over the upper price band, given the robust demand for the issue, the market observers said. The grey market is an unofficial market wherein the IPO shares can be bought and sold till the listing on bourses.
Click Here To Read All IPO News
Trading in the equity shares will commence on the BSE SME platform, effective December 17.
Incorporated in 2020, the company that provides custom-made marketing consulting services for B2B tech companies will spend IPO funds for development of microservices application, opening new offices, working capital requirement, and general corporate purpose.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
