Radiowalla Network IPO to open on March 27, price band set at ₹72-76 per share

Radiowalla Network IPO price band has been set at ₹72 to ₹76 per share. At the upper end of the price band, the company plans to raise ₹14.25 crore from the book-built issue which is entirely a fresh issue of 18.75 lakh equity share.

The IPO lot size is 1,600 shares and the minimum investment amount required by retail investors is ₹121,600. 

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Radiowalla IPO allotment is expected to be finalized on April 3, 2024, and the equity shares of the company will list on NSE SME with a tentative listing date fixed on April 5, 2024.

The company will initiate refunds to unsuccessful bidders on April 4 and will credit the shares into the demat accounts of eligible investors on the same day.

Narnolia Financial Services Ltd is the book-running lead manager of the Radiowalla IPO, while Maashitla Securities Pvt Ltd is the IPO registrar.

In the IPO, Radiowalla Network has reserved 50% of the net issue for Qualified Institutional Buyers (QIB), 35% for Retail Investors, and 15% for Non-Institutional Investors (NII).

The company proposes to utilise the issue proceeds to meet expenses for investment in technology, capital expenditure, working capital requirements and general corporate purposes.

Also Read: Aspire & Innovative IPO price band set at ₹51- ₹54 per share; check issue dates, other details of SME IPO

Radiowalla Network Ltd is a provider of in-store radio services on a subscription model basis, which includes an exclusive radio channel for a brand. It also offers corporate radio services, advertisement services and content management services. 

It provides services directly to other businesses under a Business-to-Business (B2B) model and has expanded its business into two verticals – Radio Engagement Solutions and Subscription services and Advertisement Solutions.

Anil Srivatsa, Gurneet Kaur Bhatia and Harvinderjit Singh Bhatia are the promoters of the company. 

Radiowalla Network reported a net profit of ₹1.02 crore and revenue of ₹14.02 crore in the financial year ending March 31, 2023. The company’s net profit for the period ending October 2023, was ₹1.14 crore and revenue was ₹8.72 crore.

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Published: 21 Mar 2024, 10:02 AM IST