Crayons Advertising's IPO opens; price band at Rs 62-65 per share

Homegrown advertising agency Crayons Advertising’s IPO has opened today and will close for public subscription on May 25, 2023.

The agency had earlier said that it has fixed a price band of Rs 62-65 per share for its initial share sale offering. The company will raise Rs 41.79 crore at the upper price band of the issue. 

Moreover, the agency said that international institutional investors, including Europe’s bank Societe Generale ODI, and other international and domestic institutional funds, have subscribed to Crayons Advertising’s anchor book.

The company had offered 18.30 lakhs shares to the anchor investors. 

Societe Generale ODI has been allocated 4.62 lakh shares. Vikasa Global Fund PCC has been allocated 302,000 shares. Belgrave Investment Fund has been allocated 3.02 lakh shares; and Aegis Investment Fund PCC has been allocated 3.02 lakh shares. 

Among other institutional investors, Rajasthan Global Securities has been allocated 1.54 lakh shares; NAV Capital Emerging Star Fund has been allocated 1.54 lakh shares, and Silver Stallion Fund has been allocated 1.54 lakh shares in the anchor book, which closed on Friday evening. 

On listing, Crayons Advertising will be the country’s first major homegrown integrated advertising agency to go public. Corporate Capital Venture Private Limited is the lead manager and played a leading role in the institutional placement. 

Skyline Financial Services is the Registrar to the issue. The shares of the company will be listed on NSE Emerge.

The company plans to invest in setting up its own film and animation studios and enhance its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR and other emerging immersive tech. It also plans to enhance a wide array of event offerings with new-age technology applications to allow omnipresence, scale up the OOH business and acquire talent from the international market. The public issue proceeds will be utilised for capital expenditure on boosting infrastructure and technology.

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