Affle India makes a strong market debut on Thursday. Shares of the local arm of the Singapore-based mobile solutions company Affle Holdings, was listed 24.3 percent higher at Rs 926 per share on NSE than its IPO issue price of Rs 745. On BSE, the shares were listed at Rs 929.90 apiece.
In the morning session, the stock jumped further to touch an intraday high of Rs 958.70 apiece.
The company's Rs 459 crore public issue received an astounding response with bids for 29.21 crore equity shares as against its offer for 33.78 lakh shares. It was oversubscribed by 86.49 times on the final day of bidding, that is 31 July.
The Affle India IPO was open for three days starting 29 July consisted of a fresh issue of Rs 90 crore and an offer of sale of 49,53020 equity shares which includes anchor investor portion of 27,72,483 equity shares. The offer price was fixed at Rs 740-745 per share.
On 26 July, the company raised about Rs 206.55 crore from 15 anchor investors.
Affle is well placed in the industry with its mobile-only advertising approach. Its parent company is backed by Microsoft Corp.