Curt Marvis, CEO and Co-Founder of QYOU Media commented, "Our team in India has been working diligently on this project for many months. All QYOU Media shareholders should be extremely proud of this accomplishment as it marks the beginning of our journey to become a leading publicly listed SME company in the influencer marketing space in India. This is something we have aspired to achieve for the last few years and we are now moving forward to make this a reality."
Added Raj Mishra, Chtrbox CEO and Managing Director who will lead the public entity, "We all recognized the amazing potential that existed for Chtrbox when I joined the QYOU Media team, particularly in light of the powerful and sustained growth of what is now being called "The Creator Economy". As the first publicly listed company in India specifically focused on the influencer marketing business segment and with the influencer landscape becoming more crowded and diverse, the ability to quickly and accurately discover influencers with the right audience demographic and engagement metrics becomes increasingly valuable. This listing process becomes a significant goal to help us achieve the growth of the overall business and we all recognize this as a groundbreaking way to power Chtrbox further as an influencer and social first marketing powerhouse."
Looks like this was the big project referenced in each of the last few First Thursdays.
Details of the listing:
The initial public offering ("IPO") of up to 3,727,200 equity shares will have a final issue price to be determined through the Book Building Process via QIB participation. The equity shares offered through the DRHP are proposed to be listed on the BSE Limited.
The initial public offering (IPO) is being made pursuant to Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957 through Book Building Process in accordance with Regulation 229 (2) and 253 (1) of the Securities and Exchange Board of India (ICDR) Regulations. The company will now enter into the process of seeking regulatory approval. The Book Building Process, wherein not more than 50% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs", the "QIB Portion"), provided that our Company may, in consultation with the Book Running Lead Manager, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price.
In addition, QYOU Media has announced a Non-Brokered Private Placement Offering of up to 50 million Units of the Company at a price of $0.04 per Unit for aggregate gross proceeds of up to $2 Million, with an ultimate maximum of 57.5 million Units for aggregate gross proceeds of $2.3 million. Each Unit will be comprised of one (1) Common Share in the capital of the Company and three quarters of one (3/4) common share purchase Warrant of the Company. Each Warrant will entitle the holder thereof to purchase one (1) Common Share at a price of $0.06 per Common Share until February 28, 2027.
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