Touchwood Entertainment becomes India's first event company to enlist in National Stock Exchange
Delhi based event management agency Touchwood Entertainment has achieved milestone status following a public issue of 10,53,000 shares, becoming the first event agency in India to be listed in the National Stock Exchange.
Touchwood Entertainment Pvt Ltd was incorporated in the year 1997 specializing in event management and, more specifically, luxury weddings. Headquartered in Delhi, the organization grew to become a 35 member team with its footprint extending to Africa, Middle-East, South-East and Europe offering a portfolio of services including private social events, wedding planning and decor, political activation and artist management.
Being listed in the National Stock Exchange the company has announced a public issue of 10,53,000 Equity Shares of Rs. 10 each at a price of Rs. 40 per equity share aggregating Rs. 421.20 Lakh. The net asset value of each equity share being Rs 12.18. The issue is 100% underwritten by Corporate Capital Ventures Pvt Ltd.
The company's net worth as of March 31, 2017 has been registered as 3.67 cr. The last recorded turnover of the company is 13 cr.
As per the draft prospectus, promoters of the company Manjit Singh, Vijay Arora, Priyanka Arora and Jaswinder Kaur hold 13,42,920, 12,65,388, 1,00,714 and 1,12,971 equity shares respectively.
Following the development, majority share holder Manjit Singh Saini commented, "Imagine, this is 2017 and we are the first company to be listed in NSE. Although I admit this development comes late in the day, one positive thing that emerges is that there is now a clear recognition and wider understanding of the events and entertainment industry."
Speaking about why people should invest in the company, he added, "We are a multifaceted agency that covers a large gambit including political activation, artist management and weddings. We boast of a 20 year long and credible stint with powerhouse clients like Amrapali and BJP. The scope of our business is wide and far reaching and our growth trajectory is extremely promising."
Rajeev Jain, Director of premier event management company Rashi Entertainment stated, "I would urge everyone to subscribe to the issue and lend their support to Touchwood Entertainment and the events industry as a whole. This is certainly poised as a great opportunity and must be availed."
Rajesh Varma, Founder, CRI Events remarked, "This is indeed a fantastic development. Besides being a remarkable achievement from an independent event company's perspective, it also holds the promise of opening new doors for the entire event industry. I wish Vijay Arora and Manumit Singh all the best with this venture".
While the support from peers is perceptible, it will be surely be interesting to see how Touchwood Entertainment fares in the long run. In our view, this would be a good time for promoters to "Touchwood"!
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