Radiowalla Network Ltd is gearing up to launch its initial public offering (IPO) on March 27, with the IPO concluding on April 2.
The price band for the Radiowalla Network IPO has been set at ₹72 to ₹76 per share. The company aims to raise ₹14.25 crore from the book-built issue, which comprises a fresh issue of 18.75 lakh equity shares.
The IPO lot size is 1,600 shares, requiring a minimum investment amount of ₹121,600 for retail investors.
Radiowalla IPO allotment is expected to be finalized on April 3, 2024, with the tentative listing date scheduled for April 5, 2024, on NSE SME.
Narnolia Financial Services Ltd is the book-running lead manager, while Maashitla Securities Pvt Ltd is the IPO registrar.
The IPO allocation is divided with 50% for Qualified Institutional Buyers (QIB), 35% for Retail Investors, and 15% for Non-Institutional Investors (NII).
The company plans to utilize the proceeds for technology investment, capital expenditure, working capital requirements, and general corporate purposes.
Radiowalla Network Ltd provides in-store radio services, corporate radio services, advertisement services, and content management services under a Business-to-Business (B2B) model.
Anil Srivatsa, Gurneet Kaur Bhatia, and Harvinderjit Singh Bhatia are the promoters of the company.
In the financial year ending March 31, 2023, Radiowalla Network reported a net profit of ₹1.02 crore and revenue of ₹14.02 crore. As of October 2023, the net profit was ₹1.14 crore, and revenue stood at ₹8.72 crore.
