Touchwood Entertainment IPO oversubscribed by 5 times
Recently Touchwood Group, a Delhi based wedding management company, went public by becoming India's first event agency to be listed on the National Stock Exchange. The IPO is since closed and has recorded an over subscription by 5 times.
Touchwood Entertainment is an experiential agency that offers event management services including planning, marketing, production, artist management and legal services of events such as weddings and political events. Its revenue in 2016 is recorded as 13.42 Cr.
The company went public last week with an Initial Public Offering sized at 4.21 Cr.
The IPO opened on 11 December and closed on 13 December as the company became the first ever representative from the event management sector to be listed on the NSE. It offered 1,053,000 shares at a price band of Rs 40 per equity share. The minimum lot size being 3000 shares which could be purchased at Rs.1,20,000.
As the IPO closed on 13 December 2017, the number of applicants surpassed the number of allotted shares, resulting in an oversubscription by 5 times.
An elated Vijay Arora, founder and promoter of Touchwood Entertainment commented, "It is a big achievement for not just the company but also India's event industry. About 300% of the response to the IPO is from domains outside of the events community which is indicative of the confidence and trust vested in the events industry by the general public. We are overwhelmed with the response."
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