Veritaas Advertising Ltd Share Price – NSE

Miscellaneous, Small Cap

Veritaas Advertising will hold a meeting of the Board of Directors of the Company on 11 June 2024

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The scrip was listed at Rs 275, a premium of 141.23% compared with the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 288.75 and a low of Rs 261.25. About 4.04 lakh shares of the company changed hands at the counter.

Veritaas Advertising's IPO was subscribed 445.42 times. The issue opened for bidding on 13 May 2024 and it closed on 15 May 2024. The price band of the IPO was fixed at Rs 104-114 per share.

The IPO comprised fresh issue of 7,44,000 shares. The company intends to utilise the net proceeds for funding the capital expenditure towards setting up of new Police Booths in West Bengal, Assam, Maharashtra and Delhi, funding the capital expenditure in Pole Kiosks for setting up of traffic signal point display in Kolkata, Mumbai and Pune and general corporate purposes.

Ahead of the IPO, Veritaas Advertising has raised Rs 1.98 crore on Friday, 10 May 2024. The board allotted 1.74 lakh shares at Rs 114 per share to 2 anchor investors.

Veritaas advertising offers 360-degree services across multiple platforms. It provides high-end ecosystem and end-to-end communication solutions platform for advertising media services consisting of Brand Strategy, Events, Outdoor (OOH) Media services which covers advertisement modes such as police booth hoardings, Newspapers insertion, Brochures, and display of Outdoor Hoardings, etc. As on 31 January 2024, the company has 71 employees on payroll.

The company recorded revenue from operations of Rs 9.03 crore and net profit of Rs 2.10 crore for the period as on 10 February 2024.

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