The scrip was listed at Rs 50, at par with the issue price. The scrip hit a high of Rs 50 and a low of Rs 47.50. About 6.54 lakh shares of the company changed hands at the counter.
The initial public offer (IPO) of Innovatus Entertainment Networks was subscribed 99.93 times. The issue was opened for bidding between 25th July and 27th July 2023. The price of the IPO was fixed at Rs 50 per share.
The IPO comprised fresh issue of 15,48,000 shares. The promoter and promoter group shareholding diluted to 60.87 % from 99.97% pre-IPO.
The company intends to utilize the net proceeds to augmenting additional working capital requirements, purchase of exhibition related material and general corporate purposes.
Innovatus Entertainment Networks offers all the direct marketing solutions - management, CRM, B2B and B2C, activations and exhibitions. It is a creative platform for complete 'Info-tainment' with a 360 degree solution. The company offers a complete range of designing, media and printing services which includes entire event co-ordination, pre and post event publicity, production, printing and distribution literature, celebrity management, stage planning, post event analysis.
The company recorded a revenue from operations of Rs 10.93 crore and net profit of Rs 0.48 crore for the period ended as on 31 March 2023.