Simca Advertising Shares Experience Weak Debut but Hit 5% Upper Circuit
Simca Advertising share price hits in 5% upper circuit after a weak debut
Mint
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Simca Advertising shares debuted weakly on the NSE SME, opening at ₹156, down 14.75% from the issue price of ₹183. Despite this, the stock reached a 5% upper circuit at ₹163.40 after hitting an intraday low of ₹148.20. The company plans to use IPO proceeds for growth initiatives, including digital advertising expansion.
- 01Simca Advertising's IPO was subscribed 69.09 times during the bidding period from May 8 to May 12.
- 02The company operates over 100 out-of-home advertising assets primarily in Mumbai and Maharashtra.
- 03Simca Advertising aims to invest IPO proceeds in LED advertising screens to enhance its digital network.
- 04Retail investors must apply for a minimum of 1,200 shares, requiring an investment of ₹2,19,600 at the upper price band.
- 05Socradamus Capital Pvt. Ltd is the lead manager for the IPO, while MUFG Intime India Pvt. Ltd serves as the registrar.
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Simca Advertising made its debut on the National Stock Exchange (NSE) SME today, opening at ₹156, which is 14.75% lower than its issue price of ₹183. Following a weak start, the stock was locked in at a 5% upper circuit at ₹163.40, after reaching an intraday low of ₹148.20. The ₹58 crore IPO was open for subscription from May 8 to May 12, with a subscription rate of 69.09 times. Simca Advertising specializes in out-of-home (OOH) advertising, providing various solutions such as hoardings and digital displays across Mumbai and Maharashtra. The company plans to utilize the IPO proceeds for growth initiatives, including the installation of LED advertising screens to enhance its digital out-of-home (DOOH) advertising network. Additionally, funds will support a collaboration with Capital World Media Services Pvt. Ltd. to monetize 20 LED screens. The minimum application size for retail investors is 1,200 shares, requiring an investment of ₹2,19,600 at the upper end of the price band.
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The performance of Simca Advertising shares could influence investor sentiment in the local advertising sector, particularly for those looking to invest in OOH media.
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