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The initial public offer (IPO) of Innovatus Entertainment Networks received bids for 1,12,71,000 shares as against 15,48,000 shares on offer, as per BSE data as of 17:00 hours on Tuesday (25 July 2023). The issue was subscribed 7.28 times.
The issue opened for bidding on Tuesday (25 July 2023) and it will close on Thursday (July 27, 2023). The price of the IPO is fixed at Rs 50 per share. The minimum order quantity is 3,000 shares. The equity shares are proposed to be listed on the SME Platform of BSE.
The IPO comprises fresh issue of 15,48,000 shares. The promoter and promoter group shareholding will dilute to 60.87 % from 99.97% pre-IPO.
About 7,35,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 14,70,000 equity shares. The issue and the net issue will constitute 39.11% and 37.14%, respectively of the post issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds to augmenting additional working capital requirements, purchase of exhibition related material and general corporate purposes.
Innovatus Entertainment Networks offers all the direct marketing solutions- management, CRM, B2B and B2C, activations and exhibitions. It is a creative platform for complete 'Info-tainment' with a 360 degree solution. The company offers a complete range of designing, media and printing services which includes entire event co-ordination, pre and post event publicity, production, printing and distribution literature, celebrity management, stage planning, post event analysis.
The company recorded a revenue from operations of Rs 10.93 crore and net profit of Rs 0.48 crore for the period ended as on 31 March 2023.
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