Homegrown advertising agency Crayons Advertising said it has fixed a price band of ₹62-65 per share for its initial share sale offering, which will open for public subscription on May 22.

The issue will conclude on May 25 and shares will be listed on NSE Emerge, the company said in a statement.

The company would offer 64.30 lakh equity shares of face value ₹10 each through the book-building process. At the upper price band of the issue, the advertising firm will raise ₹41.79 crore.

Proceeds of the issue will be utilised for capital expenditure on infrastructure and cutting-edge technology.

Of the total 64.30 lakhs equity share offered, 30.52 lakh shares have been reserved for qualified institutional buyers (QIBs), 9.18 lakh shares for High Net-worth Individuals (HNIs) and 21.38 shares will be provided to the public.

Founded in 1986, Crayons Advertising provides an end-to-end ad-tech communication solutions platform for advertising media services consisting of brand strategy, events, digital media, print media, and outdoor media services.

For the nine months ended December 2022, Crayons Advertising earned ₹203.75 crore revenue and a net profit of ₹12.67 crore.

Corporate Capital Venture is the lead manager, and Skyline Financial Service is the Registrar to the issue.