New Delhi, Mar 4 (PTI) The initial public offering of integrated marketing services firm R K Swamy was subscribed 2.18 times on the first day of bidding on Monday.

The Rs 423.56 crore-initial share sale received bids for 1,79,73,350 shares against 82,32,946 shares on offer, as per NSE data.

Also Read | BPSC Recruitment 2024: Vacancies Notified For Over 46,000 Posts on bpsc.bih.nic.in, Know How to Apply.

The category for Retail Individual Investors (RIIs) got subscribed 7.84 times and non-institutional investors part received 2.97 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent.

The Initial Public Offering (IPO) has a fresh issue of up to Rs 173 crore and an Offer For Sale (OFS) of up to 87 lakh equity shares worth Rs 250.56 crore at the upper end of the price band.

Also Read | WBPSC Food SI Admit Card 2024 Released at psc.wb.gov.in, Know Steps to Download Hall Tickets.

The IPO comes in a price range of Rs 270-288 a share.

RK Swamy Ltd on Friday said it has collected Rs 187 crore from anchor investors.

Funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes.

Also, funds would be utilised for investment in the IT infrastructure development of RK Swamy Ltd and its subsidiaries Hansa Research and Hansa Customer Equity.

RK Swamy Ltd is the largest Indian majority-owned integrated marketing services provider in India, offering a single-window solution for creative, media, data analytics, and market research services.

SBI Capital Markets, IIFL Securities and Motilal Oswal Investment Advisors are managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)