Crayons Advertising has announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge for its initial public offering.
The company plans to offer 64.30 lakh Equity Shares with a face value of Rs 10 each through the book-building process.
Corporate Capital Ventures is the book-running lead manager to the issue. While Skyline Financial Services is the Registrar of the issue.
Promoted by Kunal Lalani, Crayons Advertising is a three-and-a-half-decade-old integrated firm.
The proceeds from the initial public offering will be used in building infrastructure and technology for expansion (Rs 15.28 crore) and funding working capital requirements (Rs 14.50 crore).
The Indian advertising market was valued at nearly Rs 67,000 crore in 2020 by Expert Market Research. The market is expected to grow at a CAGR of 11% during the forecast period of 2022-27 to reach Rs 1,25,300 crore by 2026.
The Indian advertising market will remain the fastest growing in the world over the next two years, as per a new report by Dentsu International. With a growth rate of 16% in 2022 and ad spending that will increase by 15.2% in 2023 and 15.7% in 2024.
Recently, the company announced that it won mandates, including TATA Sons, National Skill Development Corporation, Indian Oil Corporation, TATA Croma and Bank of Baroda.