Mon Sep 30 19:58:25 UTC 2024: ## Thinking Hats Entertainment IPO Over-Subscribed by 65 Times on Day Two

**Mumbai, September 22, 2023:** The initial public offering (IPO) of Thinking Hats Entertainment Solutions Ltd. saw an overwhelming response on Thursday, its second day of bidding, being subscribed over 65 times. This follows Wednesday’s subscription rate of 17.31 times.

The NSE SME offering is a fresh issue of 34.29 lakh shares aiming to raise Rs 15.09 crore. The company has fixed the IPO price band between Rs 42 and Rs 44 per share. Retail investors can participate with a minimum lot size of 3,000 shares, amounting to Rs 132,000.

The IPO subscription window will close on September 27, with Mas Services Limited serving as the registrar and Horizon Financial Pvt. as the book-running lead manager. Giriraj Stock Broking acts as the market maker for the issue. Thinking Hats Entertainment Solutions shares are expected to be listed on the NSE SME platform, Emerge, tentatively on October 3.

As of 5:45 p.m. on Thursday, the IPO was subscribed 66.48 times, with Qualified Institutional Buyers (QIBs) subscribing 20.07 times and Non-Institutional Investors (NIIs) subscribing 30.61 times.

The grey market premium (GMP) of Thinking Hats Entertainment Solutions was Rs 30 as of 5 p.m., implying a 68.18% gain over the IPO price. This suggests an estimated listing price of Rs 74 per share. It is important to note that GMP is not an official price quote and is based on speculation.

Incorporated in 2013, Thinking Hats Entertainment Solutions specializes in event design and production for live events, corporate, MICE (Meetings, Incentives, Conferences and Exhibitions), social and virtual events. The company also produces OTT content and engages in experiential marketing.

The funds raised through the IPO will be used to settle existing debts, meet working capital requirements, and for general corporate purposes.

**Disclaimer:** Investments in IPOs are subject to market risks. Please consult with financial advisors and thoroughly read the red herring prospectus before making any investment decisions.

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