Aspire and Innovative Advertising IPO to open on March 26

Delhi: Aspire and Innovative Advertising is involved in sales and doorstep delivery of consumer durables products to unbanked and underbanked customer segments through commercial agreements with NBFCs and MFIs. The company is poised for its initial public offering (IPO), with plans to raise Rs 21.97 crores through the issuance of 40.68 lakh new shares. 

For its SME Initial Public Offering (IPO), Aspire and Innovative Advertising has established a price band of Rs 51 to Rs 54 per share. The company's shares will open for subscription on March 26, 2024 and close on March 28, 2024. These will be listed on the NSE Emerge, with a projected listing date of Wednesday, April 3, 2024. 

Hem Securities is the book running lead manager of the Aspire and Innovative IPO, while Bigshare Services is the registrar for the issue.

The issue proceeds will be utilised in financing the cost of establishing new warehouses, to meet working capital requirements and general corporate purposes. 

On Monday, April 1, 2024, the shares for the Aspire and Innovative Advertising IPO are anticipated to be allotted, and on Tuesday, April 2, 2024, the shares will be credited to the demat account of the allottees. The IPO comprises 50% of the net issue for QIB, 35% for retail investors and 15% of the net issue for the NII segment. 

Retail investors need to contribute a minimum of Rs 1.08 lakh considering the minimum lot size for an application is 2000 shares. For HNIs, the minimum bidding size is two lots, or 4000 shares, for a total investment of Rs 2.16 lakh at the upper price band.

Aspire and Innovative Advertising’s revenue increased by 35.46% and profit after tax (PAT) rose by 21.38% between the financial year ending with March 31, 2023 and March 31, 2022.