Thinking Hats Entertainment Solutions Shares List At 36% Premium Over Issue Price

Shares of Thinking Hats Entertainment Solutions Ltd. made a strong debut on the National Stock Exchange, listing at Rs 60 apiece on Thursday. The stock opened trade at a premium of over 36.36% against the issue price of Rs 44 at the upper end of the price band.

Investors who were allotted one lot of the IPO made Rs 48,000 against an investment of Rs 1,32,000.

Shares of Thinking Hats Entertainment Solutions Ltd. traded 1% lower at Rs 59.4 at around 10:04 a.m.

The grey market premium of Thinking Hats Entertainment Solutions Ltd. shares stood at Rs 30 as per the last update ahead of the listing. The company's shares were expected to list at Rs 74 against the upped IPO price band of Rs 44 apiece, according to InvestorGain. 

Investors must note that GMP is highly speculative and may not be a true indicator of a stock’s actual performance.

Thinking Hats Entertainment Solutions IPO, which opened for subscription between Sept. 25 and 27, was booked over 322 times during the bidding process. 

The strong demand for Thinking Hats Entertainment Solutions' IPO was led by Non-institutional Investors who booked their quota 357 times. The issue was subscribed 347 times in the retail category and 67.66 times in the Qualified Institutional Buyers category.

The IPO was an entirely fresh issue of 34.29 lakh shares aimed at raising Rs 15.09 crore from the market. The company set the issue's price band in the range of Rs 42 to Rs 44. Retail investors could have submitted their bids with a minimum lot size of 3,000 shares totalling an investment of Rs 1,32,000 at the upper price band.

The IPO share allotment status was finalised on Sept. 30. Mas Services Ltd. served as the registrar for the issue.

Thinking Hats Entertainment Solutions plans to use the money raised via the public issue for debt settlement and funding of the working capital requirements of the company. Further, a portion of the money raised via the public issue will also be used for general corporate purposes.

Incorporated in 2013, Thinking Hats Entertainment Solutions is a concept development, event design and production company. It specialises in live events, corporate, MICE (Meetings, Incentives, Conferences and Exhibitions), social and virtual events.

Further, Thinking Hats Entertainment Solutions is also engaged in OTT content production and experiential marketing.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.