Shares of Affle (India) Ltd made a strong debut in equity markets on Thursday. The stock closed at ₹873.65, up 17.2% from its issue price. The stock was listed on the NSE at ₹926, up 24.29% from its issue price of ₹745 apiece. Benchmark index BSE Sensex ended at 37,327.36, up 636.86 points or 1.74% while the 50-share Nifty closed at 11,032.45, up 176.95 points or 1.63%.
The initial public offer (IPO) of the mobile marketing company, with a price band of ₹740-745 per share, was open for subscription for three days starting 29 July. The ₹459-crore public issue was subscribed 86.49 times at a time when market sentiment is subdued.
Affle (India) is a global technology company which aims to improve returns on marketing spend by delivering contextual mobile ads and reducing digital ad fraud. It has two business segments – consumer platform and enterprise platform. The company also provides end-to-end solutions for enterprises to enhance their engagement with mobile users, such as developing apps, enabling offline to online commerce for offline businesses with e-commerce aspirations and providing enterprise grade data analytics for online and offline companies.
As on 31 March, its consumer platform had approximately 2.02 billion consumer profiles, of which approximately 571 million were in India, 582 million were in other emerging markets, comprising Southeast Asia, the Middle East, Africa and others, and 867 million were in developed markets which comprises North America, Europe, Japan, Korea, and Australia.
Its consumer platform is used by business-to-consumer (B2C) companies across industries, including e-commerce, fin-tech, telecom, media, retail and FMCG companies, both directly and indirectly through their advertising agencies.