Veritaas Advertising IPO opens today: Check issue size, price band, GMP and other details

The SME IPO of Veritaas Advertising will open for subscription today and will close on May 15. The company aims to raise about Rs 8.5 crore through the SME IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.

1) About Veritaas Advertising

The company is an integrated advertising agency having its own media, offering 360-degree services across multiple platforms. It owns advertisement spaces in West Bengal, Guwahati and Shillong.

2) Industry overview

The Indian advertising market size reached Rs 74,300 crore in 2022. Looking forward, IMARC group expects the market to reach Rs 1.41 lakh crore by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.

3) Veritaas Advertising IPO size

The IPO is entirely a fresh equity issue of 7.44 lakh shares and through the issue, the company aims to raise nearly Rs 8.5 crore.

4) Veritaas Advertising IPO price band

The company is offering its shares at Rs 109-114 apiece, and investors can bid for 1200 shares in 1 lot.

5) Veritaas Advertising IPO financial performance

For the period ended February 10, 2024, the company clocked revenues of Rs 9.03 crore and net profit of Rs 1.56 crore.

6) Objects of the offer

The net proceeds from the public offer will be used for funding capital expenditure towards setting up new police booths, Pole Kiosks for setting up traffic signal point display and other general corporate purposes.

7) Lead managers and registrar

Horizon Management is acting as the lead manager to the issue and Mas Services is the registrar.

8) Issue structure

About 50% of the offer is reserved for QIB retail investors, 35% for retail investors and the rest 15% for non-institutional investors

9) Important dates

The IPO opened on May 13 and will close on May 15. The final allotment will likely be made on May 16. The company's shares will likely get listed on May 21.

10) Veritaas Advertising GMP

Ahead of the issue opening, the company's shares traded with a GMP of Rs 80 in the unlisted market.