IPO Update: Affle (India) makes a strong debut
Tech company Affle (India) Limited debuted on the stock market at a price of Rs. 929 per share against its issue price of Rs. 745 per share at the higher end of the price band. The stock list at a 25 per cent premium on Thursday.
The equity shares of Affle (India) Ltd (Scrip Code: 542752) are listed under 'B' Group Securities. Its initial public offering (IPO) was open for subscription from July 29 to July 31, 2019 and was subscribed 86.49 times. The Rs. 459 crore IPO included fresh issue and an offer for sale.
Affle India (AIL) is a Gurugram-based company that enables businesses acquire, engage and transact by delivering contextual mobile advertising through its proprietary consumer intelligence platform. The company's consumer platform enhances returns on marketing investment and reduces digital ad fraud. This platform is mainly employed by online and app companies for mobile advertising and monetisation drive, while its Enterprise platform helps offline companies to go online.
On debut, the stock of consumer opened at Rs. 929.90 per share and hit an intraday high of Rs. 958.30, which was its upper circuit limit for the day and also dipped to an intraday low of Rs. 751.05, its lower circuit limit. The stock closed at Rs. 875.10 per share, down by Rs. 54.80 per share or 5.89 per cent from its opening price on Thursday.
Our DSIJ's IPO Analysis had given the offer an IPO Rating of 47, that is, Invest with limited exposure.