Vertoz Advertising Ltd., enters the National Stock Exchange(NSE) market, the arrival is welcomed with a bang as the IPO of Vertoz Advertising was subscribed 4.24 times. The bids that were received also came with soaring numbers, worth Rs. 72.47 crore against the IPO size of Rs. 17.11 crore.
The issue that was subjected to the public for 15.84 lakh equity shares was priced at Rs.108 per share. The issue constitutes 25 percent of the post-issue paid-up equity capital of the company. The share goes up to be lisBusiness Line ted on NSE Emerge on November 24.
The portions of the share that were subjected to non-institutional investors came out with even better results as they were subscribed 5.4 times. While that for the retail investors it was subscribed three times. The company received bids for 42.77 lakh shares in the non-institutional segment against 7.92 lakh shares offered; it received bids for 24.34 lakh shares in the retail segment against 7.29 lakh shares offered.
Commenting on the development, Mr Ashish Shah, Founder and CEO said that, “we are delighted that our IPO oversubscribed by 4.24 times. We would like to thank our investors for showing great faith in us. With this support, we are confident that we will achieve greater heights. It also shows the strength & potential of our industry in both domestic and international markets”
Commenting on the glorious start, Mr Hiren Shah, Founder & Chairman shared his delight and promised his investors by quoting, “it’s great moment for all of us at Vertoz family. We are all equally excited about the investors to ride this new wave of programmatic advertising in both domestic and international markets. We assure all our investors that we will deliver results in line with their expectations with utmost professional and independent management”
Vertoz is planning on devoting these funds to fund it’s working capital requirements and for general corporate purposes.
About The Hindu Business Line:
Kasturi & Sons Ltd., (KSL) is the holding company of The Hindu group of publications. This organization’s first publication- The Hindu, started as a weekly in 1878 then became a daily in 1889 is widely read and always trusted. The Hindu played a major role during the Indian Independence Struggle. The corporate office of KSL is situated at Chennai (Madras), the cultural capital of India. With the spread of their offices in major cities of India, KSL publishes and distributes a number of group publications all over the country and abroad.
The correspondents all over the world bring the international news to the readers. The news and views enjoyed by readers through the print editions are now available to the Global readers through the Net editions of The Hindu and Business Line.
Read full article here: Business Line
Vertoz is a programmatic advertising company that offers engaging and innovative advertising and monetization solutions which replaces the traditional methods of media buying and selling of advertisement. Vertoz’s proprietary technology, advanced capabilities and a programmatic platform is a highly scalable software platform that powers and optimizes the marketplace for the real-time trading of digital advertising inventory between advertisers and publishers. Vertoz call its platform as an “Ingenious Plex – The Complete Advertising and Monetization Suite”.