Simca Advertising IPO subscribed 4x on day 2, public issue closes on May 12

OOH advertising solutions provider Simca Advertising's maiden public issue has received good response from investors, subscribing 3.96 times on May 11, the second day of bidding.

The initial public offering (IPO) will remain open for subscription till May 12.

The company is raising Rs 58.04 crore via IPO of 31.71 lakh equity shares which comprises of entirely fresh issue. The price band for the offer is Rs 174-183 per share.

It has received bids for 1.08 crore equity shares against the offer size of 27.32 lakh shares via 4,450 applications, with non-institutional investors leading the charge bidding 7.27 times their allotted quota.

The parts set aside for retail investors and qualified institutional buyers were subscribed 4.1 times and 2.97 times, respectively.

Simca Advertising that provides advertising services, with a focus on out of home (OOH) media in Mumbai and Maharashtra already raised Rs 8.03 crore by issuing 4.39 lakh shares to four anchor investors - Rajasthan Global Securities, LRSD Securities, Bridge India Fund, and Vikasa India EIF I Fund, at the upper price band on May 7.

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The company intends to utilise Rs 12.7 crore of proceeds from the IPO for purchase and installation of LED (Light-emitting diode) screens, and Rs 5 crore for funding strategic collaboration with Capital World Media Services (CWM) for monetization of 20 LED digital advertising screens.