Veritaas Advertising Limited IPO Opens on May 13, 2024

PNN
Mumbai (Maharashtra) [India], May 9: Veritaas Advertising Limited, an integrated advertising agency offering 360-degree services across various platforms, has announced its plan to go public with an Initial Public Offering (IPO) on May 13, 2024. The company is aiming to raise Rs 8.48 Crores at the upper band through this IPO, with shares set to be listed on the NSE Emerge platform.
The issue size is Up to 7,44,000 equity shares at a face value of Rs 10 each.
Equity Share Allocation
- QIB Anchor Portion - Up To 1,74,000 Equity Shares
- Qualified Institutional Buyers (QIB) - Up To 1,77,600Equity Shares
- Non-Institutional Investors (NII) - Up To 1,06,800 Equity Shares
- Retail Individual Investors (RII) - Up To 2,48,400 Equity Shares
- Market Maker - Up To 37,200 Equity Shares
The net proceeds from the IPO will be utilized for (i) setting up of the new police booths in West Bengal, Assam, Maharashtra, & Delhi, (ii) traffic signal point displays in Kolkata, Mumbai, & Pune, and (iii) General Corporate Purposes. The bidding for Anchor portion will open on May 10, 2024, the issue will open for subscription for all other category from May 13, 2024 and closes on May 15, 2024.
The Book Running Lead Manager to the Issue is Horizon Management Private Limited. The Registrar to the Issue isMAS Services Private Limited.
Debojyoti Banerjee, Chairman and Managing Director of Veritaas Advertising Limited expressed, "Veritaas Advertising Limited is proud to be one of the few media-owning marketing and advertising agencies in the industry. With ownership of advertisement spaces in key regions like West Bengal, Guwahati, and Shillong, as well as operations in major cities such as Delhi, Mumbai, and Pune, we offer 360-degree services across multiple platforms. Our strategic focus includes leveraging police booth advertisements and outdoor hoardings, which reduces our dependence on third parties and enables us to offer integrated services.
Looking ahead, we are committed to further strengthening our position as one of the leading integrated advertising agencies. We have ambitious expansion plans, including the establishment of new offices in Mumbai and Pune, which will enable us to better serve our clients and capitalize on growth opportunities in these key markets. We are exploring new avenues for growth, such as digital advertising and strategic partnerships, which will further enhance our service offerings and drive long-term value creation."
Manav Goenka, President - Operations of Horizon Management Private Limited said, "Veritaas Advertising Limited has positioned itself as a significant player in the advertising industry. Their strategic focus on leveraging police booth advertisements and outdoor hoardings, along with their comprehensive service portfolio, reflects their potential for growth.
Veritaas plans to use the net proceeds to expand its presence in key markets such as West Bengal, Assam, Maharashtra, and Delhi, and to enhance its advertisement space through the fabrication and installation of police booths which will help Veritaas in reducing cost for space for advertising, demonstrating their commitment to growth and innovation."
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