Ahead of the listing, Radiowalla Network’s shares were trading with a premium of Rs 35 in the grey market.
The public offer, which was completely a fresh equity issue of 18.75 lakh shares, received bumper response from investors with an overall subscription of 280 times at close.
The net proceeds from the IPO will be utilised for meeting the expenses for investment in technology, capital expenditure, working capital requirements of the company, and general corporate expenses.
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“We are excited about the opportunities this IPO will unlock, particularly in terms of technology investment, capital expenditure, and enhancing our operational capabilities. This move underscores our confidence in Radiowalla’s potential to further establish itself as a leader in B2B customer engagement services,” said Harvinderjit Singh Bhatia, Co-founder and CEO, Radiowalla Network.Radiowalla Network specialises in B2B-focused customer engagement services. The company offers a comprehensive range of solutions, including in-store radio, corporate radio services, and a variety of audio and visual advertising options.They provide tailored background music services, AI-driven playlists, and programmatic advertising for precise targeting and efficient budget allocation. The company’s visual advertising solutions encompass digital out of home advertising (DOOH) and static branding opportunities, ensuring engaging experiences and enhanced brand visibility.
Operating across multiple countries, Radiowalla serves diverse markets with a focus on delivering impactful communication strategies and driving customer engagement for their clients in the B2B sector.
In FY23, the company achieved a revenue of Rs 14 crore, EBITDA of Rs 1.52 crore and a PAT of Rs 1.02 crore.
Narnolia Financial Services acted as the sole book running lead manager to the issue and Maashtila Securities was the registrar to the offer.