Maxposure IPO: Issue Booked 522.98 times on Day 3, Retail Portion Subscribed 672.99 Times

Maxposure Limited opened its initial public offering (IPO) for subscriptions on January 15, and the issue will close on January 17, 2024. This issue is a fresh offer of 61.4 lakh shares. The company has set the price band for the IPO at Rs 31 to Rs 33 a share. Investors have the option to bid for a minimum of 4000 shares and in multiples thereof.

About the company

Maxposure Limited operates in the new-age media and entertainment industry, with a special focus on the aviation market. The company offers 360-degree services across various distribution platforms, emphasizing quality and technological innovations. Maxposure has established associations with leaders in the aviation and travel industry, including IndiGo, Air India, Gulf Air, Air Arabia, and Incredible India. It also works with the Madhya Pradesh Tourism Board, the Ministry of External Affairs, Oberoi Hotels and Resorts, and the Taj Group of Hotels, among others.

At 5 PM on day 3, the IPO achieved a subscription of 522.98 times. Retail investors showed strong interest, subscribing to their set portion 672.99 times. Non-institutional buyers also demonstrated high demand, with their portion subscribed 812.46 times, according to data from chittorgarh.com. Qualified Institutional Buyers (QIBs) subscribed to their reserved portion 30.03 times.

Also read: Medi Assist Healthcare IPO: Issue Subscribed 16.24 Times; QIB Portion Booked 40.14 Times on Final Day

Price Band

The price band for the shares has been established at Rs 31 to Rs 33 per share.

Lot Size

Investors have the option to bid for a minimum of 4000 shares and can bid in multiples of that amount.

Reserve portion to the issue

• Qualified Institutional Buyers (QIBs): Not more than 50 percent of the Net Issue will be allocated on a proportionate basis
• Non-Institutional Investors: Not less than 15 percent of the net offer will be available for allocation on a proportionate basis
• Retail Investors: Not less than 35 percent of the net offer will be available for allocation

Objectives of the issue

The company plans to use the fresh proceeds from the IPO to cover expenses for obtaining various certifications from the Federal Aviation Administration and the European Union Aviation Safety Agency. The company will also allocate funds to prepay or repay all or a portion of its certain outstanding borrowings. It will use any remaining funds for general corporate purposes.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.