New Delhi, August 7 (HS): Cash Ur Drive Marketing's shares debuted strongly today at 155 rupees on the NSE's SME platform, a 19.23 percent premium over the IPO price of 130 rupees. However, the share price faced selling pressure and dropped to 152 rupees by 10:30 AM, providing IPO investors with a 16.92 percent profit thus far. The 60.79 crore rupee IPO was open from July 31 to August 4 and garnered a significant response, with an overall subscription of 81.94 times.

The Qualified Institutional Buyers (QIB) portion was subscribed 76.19 times, Non-Institutional Investors (NII) 135.23 times, and retail investors 62.41 times. The IPO included 58.10 crore rupees worth of new shares and 2.07 lakh shares sold through an offer-for-sale window, aimed at funding technological upgrades, working capital, and general corporate needs.

Financially, Cash Ur Drive Marketing showed improvement, recording a net profit of 5.15 crore rupees in FY 2022-23, projected to rise to 9.22 crore in 2023-24 and 17.68 crore in 2024-25, with a revenue CAGR of over 32 percent, reaching 142.18 crore rupees. The company's debt decreased from 5.06 crore to 45 lakh in 2023-24 and is expected to further decline to 18 lakh by 2024-25.

Hindusthan Samachar / Jun Sarkar