The Rs 459-crore IPO received bids for 29,21,57,880 shares against the total issue size of 33,78,021 shares till 7 pm, as per NSE data.
The quota for Qualified Institutional Buyers (QIBs) was subscribed 55.31 times, non-institutional investors (NIIs) 198.69 times and retail investors 10.94 times.
At the higher end of the price band, the issue is available at a P/E multiple of 38.9 times FY19 consolidated EPS on pro-forma basis. The company has no listed peers. Analysts said investors may look to subscribe the issue from a long-term basis.
Affle India has two business segments, consumer platform and enterprise platform. The consumer platform aims to enhance returns on marketing spend through delivering contextual mobile ads and reducing digital ad fraud. On the other hand, the enterprise platform primarily provides end-to-end solutions for enterprises to enhance their engagement with mobile users.
“Affle has been building and improving its consumer platform resulting in products spanning the entire value chain. In addition, following the acquisition of Vizury, Shoffr and RevX, the service offerings have increased. Expansion of customer base and market penetration could aid volumes of cost per converted user (CPCU). Being the first of its kind issue and growth prospects, despite mature valuations, investors can subscribe to the issue from a long term perspective,” said Centrum Broking.
