Maxposure IPO subscribed over 900 times on final day
What's the story
Digital media and entertainment company, Maxposure, successfully completed its initial public offering (IPO) today.
The company aims to raise Rs. 20.26 crore.
With a subscription rate of 904.64, investors purchased a total of 401.66 crore equity shares against an offer size of 44.4 lakh shares.
This makes it the second-highest subscription rate after Kay Cee Energy & Infra's SME IPO, which was subscribed over 959 times.
In the grey market, Maxposure shares were trading at a premium of over 180%.
Details
Retail investors bought over 1,000 times
The price band for Maxposure's IPO was set at Rs. 31-33 per share. The issue is completely a fresh issue.
Non-institutional investors (NIIs) subscribed 1,947.97 times to their portion, while qualified institutional buyers (QIBs) followed with a 162.34 times subscription rate.
Retail investors bought 1,034.23 times their allotted quota of shares.
What Next?
Maxposure's plans for IPO proceeds
The company plans to use Rs. 3.5 crore of the IPO proceeds for obtaining certifications from the Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency (EASA) for its Wireless Streaming Server (AeroHub) and Patented Inviseo tray table.
Maxposure will allocate Rs. 8.5 crore for working capital requirements related to the manufacturing of these proposed products.
Rs. 2.5 crore will be used for repaying debt, and the remaining funds for general corporate purposes.
Insights
IPO listing details
The basis of allotment for IPO shares will be finalized by January 18, with shares credited to eligible investors' demat accounts by January 19.
Trading on the NSE Emerge platform is set to begin on January 22, marking a new chapter for the company and its investors.
GYR Capital Advisors is the book running lead manager of the Maxposure IPO, while Bigshare Services is the registrar for the issue.
The market maker for the issue is Giriraj Stock Broking.
Details
About Maxposure
Established on August 17, 2006, Maxposure Limited is a Mumbai-based company offering tailored media and entertainment services across diverse platforms.
Their expertise lies in inflight entertainment, content marketing, technology, and advertising.
The company's Mumbai lab facility provides a comprehensive range of services, encompassing custom editing, metadata creation, duplication, audio enhancement, and encoding/transcoding in any format for any system, along with post-production services.