Affle India IPO gets strong response

The initial public offer (IPO) of Affle India received bids for 29.21 crore shares, National Stock Exchange of India (NSE) data showed. The IPO was subscribed 86.49 times.

The qualified institutional buyers (QIBs) category was subscribed 55.31 times. The non-institutional investors category was subscribed 198.69 times. The retail individual investors (RIIs) category was subscribed 10.96 times.

The issue opened for subscription on 29 July 2019 and closed on 31 July 2019. The price band for the issue was fixed at Rs 740 to Rs 745 per share.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 26 July 2019, finalized allocation of 27.72 lakh equity shares to anchor investors at Rs 745 per share.

The offer comprised of fresh offer of equity shares worth Rs 90 crore and an offer for sale of 49.53 lakh equity shares by promoter Affle Holdings.

The objects of the issue is to use Rs 69 crore towards working capital requirements and rest for general corporate purpose apart from getting the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.

On a consolidated basis, Affle India reported net profit after tax o f Rs 48.82 crore on net sales to Rs 249.40 crore in the financial year ended on 31 March 2019.

Affle India (AF) is a global technology business company that delivers consumer acquisitions for B2C companies through relevant mobile advertising with a proprietary consumer intelligence platform (consumer platform). It is also engaged in enterprise platform which provides end-to-end solutions for enterprises to enhance their engagement with mobile users.

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