The IPO comprises of a new problem of Rs 90 crore and a sale offer of 49,53,020 equity shares, including anchor share of 27,72,483 equity shares.
On July 31, the last day of registration, the original government offer of mobile advertising company Affle India got an overwhelming reaction from investors. The Rs 459-crore public issue has received bids for 29.21 crore Equity Shares against IPO size of 33.78 lakh shares (excluding anchor investors' book) as per data available on exchanges.
The Initial Public Offer has been oversubscribed 86.49 times. he reserved part of skilled institutional investors has been subscribed 55.3 times and non-institutional investors have been subscribed 199 times while the retail part has been subscribed 10.96 times.
The IPO comprises of a new problem of Rs 90 crore and a sale offer of 49,53,020 equity shares, including anchor share of 27,72,483 equity shares. The price range for the government offer was set at Rs 740-745 per share, which was opened for bidding on July 29.
Affle India, already raised from 15 anchor investors about Rs 206.55 crore on July 26.
"We like Affle's distinctive business model with asset-light development policies and debt-free status. Considering Affle's worldwide presence in the high-growth advertising market as well as India, we think Affle is well-positioned in the mobile-only advertising strategy to boost growth. It has a worldwide well-diversified customer base, with nearly 70 percent of its income coming from the worldwide industry and the worldwide market.
The brokerage also said on valuation parse at a greater price band of Rs 745 per share Affle orders Rs 1,899 crore market cap on its FY19 income with P / E of 37x and greater ROCE owing to a high growth business model that offers a long-term investment chance.
Looking at its high-growth market with significant entry barriers, low-cost business model based on asset-light, automated and scalable company platform we are hopeful and investors may consider applying for both listing and long-term investment in the IPO, the brokerage recommended. Affle India is a decade-old worldwide technology firm with a proprietary consumer intelligence platform through appropriate mobile advertising that provides customer purchases, commitments, and transactions. This platform seeks to increase the returns on advertising spending by providing contextual mobile advertisements and decreasing digital ad fraud while proactively addressing the expectations of customer privacy. This platform is used both directly and indirectly through their marketing departments by (B2C) businesses across sectors, including e-commerce, fin-tech, telecom, media, retail and FMCG businesses.
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