Veritaas Advertising IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

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Veritaas Advertising Limited IPO GMP

Veritaas Advertising IPO, valued at Rs 8.48 crores, consists entirely of a fresh issue comprising 7.44 lakh shares. Opening for subscription on May 13, 2024, and closing on May 15, 2024, the IPO is anticipated to conclude its allotment process by Thursday, May 16, 2024.

Scheduled to list on NSE SME by Tuesday, May 21, 2024, Veritaas Advertising offers shares within a price band of ₹109 to ₹114 per share. The minimum lot size for application stands at 1200 shares, requiring a minimum investment of ₹136,800 for retail investors and 2 lots (2,400 shares) amounting to ₹273,600 for HNIs.

Horizon Management Private Limited serves as the book running lead manager, while Mas Services Limited acts as the registrar for the issue. Horizon Financial Consultants assumes the role of the market maker for the Veritaas Advertising IPO.

Company proposes to utilize the Net Proceeds from the Issue towards the following objects:

Funding the capital expenditure towards setting up of new Police Booths in West Bengal, Assam, Maharashtra and Delhi.
Funding the capital expenditure in Pole Kiosks for setting up of traffic signal point display in Kolkata, Mumbai and Pune
General Corporate Purposes.

The company believes that police booth advertisements draw significant attention of the target audience, on account of widespread presence in diverse areas of a city. Owing to the efficacy of this advertisement segment, they have significantly invested in advertisements through police booths at towns /cities of West Bengal, Guwahati and Shillong, thereby making it one of their main business verticals.

The company is proposing to invest in Pole Kiosks by setting of traffic signal point display. Pole Kiosks is the perfect way to change branding game and increase recall. They are expressive, and engaging and create a long-lasting impression on targeted customers. The accurately designed pole kiosk can fetch more customers than any other type of targeted marketing activity.