IPO from Touchwood Group Receives Staggering Response; Oversubscribed by 5 Times
by Shantanu Jain Industry Watch | December 14, 2017 | News
We at EVENTFAQS had previously reported that the Touchwood Group, one of India’s leading event management companies specialising in luxury weddings had become the first event agency in the country to be enlisted in the National Stock Exchange.
Also Read: Touchwood Group Becomes India’s First Event Company to be Enlisted in NSE
The first lot of shares issued (10, 53,000 units at face value of INR 40 Unit) was open for subscription to the investors from December 11-13, 2017. With the issue being closed yesterday, it is now being reported to have been oversubscribed by 5.10 times of the actual value.
Commenting on the response, Vijay Arora- Director, Touchwood Group shared, “To be really honest, we were not expecting such a staggering response as this was the first IPO (Initial Public Offering) in the history of Indian events. In fact, the first two days of subscription received a rather lukewarm response. However, yesterday being the last day proved to be great for us and we ended up being over subscribed by 5.10 times. I am truly overwhelmed with the response.”
He added, “It’s the beginning of exciting new times for the event industry as we are rapidly embarking towards establishing ourselves as a thoroughly professional domain of business.”
The first lot of shares issued (10, 53,000 units at face value of INR 40 Unit) was open for subscription to the investors from December 11-13, 2017.