 "Affle India's IPO subscribed 87 times on final day of bidding")
Mobile marketing firm Affle India’s IPO was subscribed 87 times. The 3.4-million share offering saw bids for 292 million shares. Most of the bids came from institutional investors and high networth individuals. The price band for the issue was Rs 740-745 per share. At the top end, Affle India will have a post-issue market cap of Rs 1,900 crore. At Rs 745, the issue was priced at 39 times its FY19 consolidated earnings. Experts said investors were attracted to Affle’s niche business and growth prospects, despite high valuations.
The IPO comprised fresh equity issuance worth Rs 90 crore and offer for sale worth Rs 350 crore by promoter Affle Holdings. Ahead of the IPO, Affle India had allotted Rs 224 crore of shares to anchor investors. ICICI Securities and Nomura were investment bankers to the issue.
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