RK Swamy Ltd on Friday raised about ₹187 crore from 18 anchor investors ahead of its initial public offering (IPO), which opens on March 4 and closes on March 6.

The Chennai-based company, which is engaged in the business of integrated marketing communications, customer data analysis and full-service market research, has allotted about 65 lakh shares to anchor investors at ₹288 a share.

Some of the anchor investors include Nippon Life India Trustee (₹50 crore), Aditya Birla Sun Life Insurance (₹20 crore), Pinebridge Global Funds (₹15 crore), Bajaj Allianz Life Insurance (₹15 crore) and SBI General Insurance, Gam Multistock and Societe Generale (₹10 crore each). Also, seven mutual funds have applied through a total of 7 schemes.

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The company’s IPO price band is fixed at ₹270-288 of face value of ₹5 each. On the upper band price, the total issue size will be at ₹423 crore.

The money raised from the IPO is expected to be used for funding for setting up a digital video content production studio, financing IT infrastructure development of the company and its subsidiaries, and funding the setting up of new customer experience centres, among others.

In FY23, the company clocked a revenue of ₹300 crore and a profit after tax of ₹31 crore.