Investors subscribe R K Swamy's Rs 423 cr IPO 6 times on day 2 of bidding

The initial public offer of integrated marketing services firm R K Swamy received 6 times subscription on the second day of bidding on Tuesday.

The Rs 423.56 crore-IPO got bids for 4,94,64,550 shares against 82,32,946 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) received 18.28 times subscription while the portion for non-institutional investors got subscribed 9.71 times. The quota for Qualified Institutional Buyers (QIBs) fetched 37 per cent subscription.

The initial public offer (IPO) has a fresh issue of up to Rs 173 crore and an offer for sale component of up to 87,00,000 equity shares.

The IPO has a price range of Rs 270-288 a share.

RK Swamy Ltd on Friday said it has collected Rs 187 crore from anchor investors.

Funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes.

Also, funds would be utilised for investment in the IT infrastructure development of RK Swamy Ltd and its subsidiaries Hansa Research and Hansa Customer Equity.

RK Swamy Ltd is the largest Indian majority-owned integrated marketing services provider in India, offering a single-window solution for creative, media, data analytics, and market research services.

SBI Capital Markets, IIFL Securities and Motilal Oswal Investment Advisors are the managers to the offer.