Crayons Advertising has announced that it had set the price band of Rs. 62-65 per share (Rs 10 paid up) for its forthcoming public offering through the book-building route. The issue, which will open on May 22, 2023, will close for public subscription on May 25, 2023.
Statement issued by Crayons read, Of the total 64.30 lakhs equity share offered, 30.52 lakh shares for QIB, 9.18 lakh shares for HNI and 21.38 shares will be provided to the public. The company will raise Rs 41.79 crore at the upper price band of the issue. On listing, Crayons Advertising will be India’s first major homegrown integrated advertising agency to go public. Corporate Capital Venture is the lead manager, and Skyline Financial Service is the Registrar issue. The shares of the company will be listed on NSE Emerge.
Incorporated in 1986, Crayons Advertising has been promoted by Kunal Lalani.
The company plans to invest in setting up its own film and animation studios and enhance its existing foundation of Web3 capabilities to offer more dynamic Metaverse solutions, including AR, VR and other emerging immersive tech. It also plans to enhance a wide array of event offerings with new-age technology applications to allow omnipresence, scale up the OOH business and acquire talent from the international market. The public issue proceeds will be utilised for capital expenditure on infrastructure & cutting-edge technology, added the statement.
The agency also focuses on getting overseas talent to join its Indian operations by engaging with multiple recruitment firms in European markets.
Regarding the plans, Ashraye Lalani, Director, Technology & Growth at Crayons Adverting, said, “Around the world, there are still many independent agencies doing stellar work. We are looking at possible tie-ups and acquisitions involving independent agencies with a strong presence across the Middle East, US and UK, with a significant Indian diaspora.”
For the nine months ended December 2022, Crayons Advertising earned a total revenue of Rs 203.75 crore and a net profit of Rs 12.67 crore. Meanwhile, it achieved a total revenue of Rs 194.05 crore and a net profit of Rs 1.61 crore for the financial year ended March 2022.
