Whalesbook
Is IPO ki demand itni zabardast thi ki lag raha tha jaise paisa baarish ho rahi ho! Total 76 guna se bhi zyada subscribe hua. Matlab jitne shares offer pe the, usse 20.82 crore shares ke liye apply aa gaya. Retail investors toh piche nahi hatte (71x), QIBs bhi aaye (46.2x), aur Non-Institutional Investors (NIIs) ne toh kamaal hi kar diya, 186.1x tak subscribe kar diya. Ye sab tab hua jab Nifty 50 pichle chaar din mein 4.5% gir gaya tha. Isse pata chalta hai ki log paisa banane ke mauke dhoondh hi rahe hain. Grey Market Premium (GMP) bhi zero se badhkar ₹31 tak pahunch gaya tha, matlab listing pe 16.9% tak ka gain expected hai, stock ₹214 ke aaspaas list ho sakta hai on NSE Emerge.
Ab company karti kya hai? Ye Out-of-Home (OOH) advertising mein hai, jo India mein ₹4,200 crore ka market banne wala hai 2026 tak aur 12-15% saalana grow kar raha hai. Simca ab digital OOH (DOOH) pe zyada focus kar rahi hai, jo 25-30% ki speed se badh raha hai. IPO se mile ₹58.04 crore ka use LED screens lagane (₹12.7 Cr), ek collaboration ke liye (₹5 Cr) aur working capital ke liye (₹23.5 Cr) kiya jayega. Digital ki taraf ye move sahi hai, kyunki lagta hai ki DOOH hi future hai. Lekin haan, company abhi sirf Mumbai aur Maharashtra mein strong hai, national level pe Laqshya Media Group ya Jagran Prakashan jitni badi nahi hai.
Ab sabse important baat, jahan investors ko thoda ruk kar sochna padega, woh hai valuation aur company ka structure. Ye company toh bas June 2022 mein start hui hai, matlab ekdum nayi hai. Iska forward P/E 15.3x hai, jo iski market cap ₹219 crore ke hisaab se lagta hai ki peers jaise Bright Outdoor aur Signpost India (jo 29x pe trade ho rahe hain) ke comparison mein kam hai. Lekin ye kam P/E shayad isliye hai kyunki kuch related-party transactions (RPTs) hain, promoters ko har mahine ₹90 lakh diye ja rahe hain. Kuch experts ko lagta hai ki ye RPTs asli profits ko chhupa sakti hain aur isi wajah se iska valuation kam rakha gaya hai. ROE aur ROCE bhi shayad iss structure ki wajah se zyada lag rahe hain, na ki sirf business ke acha hone se. Aur poora business Mumbai pe depend karta hai, toh agar wahan kuch gadbad hui toh seedha effect aayega.
Haan, company ne revenue toh achha grow kiya hai, FY24 mein ₹49.31 crore se FY25 mein ₹74.9 crore tak pahunch gaya, aur profits bhi 72.7% badhkar ₹9.97 crore ho gaye. Digital assets mein invest karne se future earnings badh sakti hai. IPO ka success aur May 15, 2026 ki listing dekhni padegi, kyunki haal hi mein kuch IPOs ka performance mix raha hai. Toh bhaiyo, subscription toh zabardast hai, digital future bhi bright lag raha hai, lekin company ki kam operating history, governance issues aur regional dependence ko nazarandaaz mat karna. Merchant banker Socradamus Capital hai, jinhone pehle bhi SME IPOs handle kiye hain, jinme se kuch listing ke baad volatile rahe hain. So, careful rehna zaroori hai.