Pressman Advertising gets listed in BSE & NSE

04 Oct,2013

By Shambhavi Anand

 

Kolkata-based Pressman Advertising, which works mostly with public sector firms, has become the first advertising agency in the country to get listed. The agency got listed on both the National Stock Exchange and the Bombay Stock Exchange, under new rules that allow SMEs and startups to list without going through an initial public offering.

 

“We have not listed ourselves to raise funds, but to open ways for future growth and strategic alliances,” said Navin Suchanti, director and promoter, Pressman Advertising. He said the agency has no immediate plans for any alliances. “Our intent is to be known for good corporate governance and transparency, which will pave way for future opportunities,” Mr Suchanti added.

 

Pressman has a large basket of public sector clients and hopes that the transparency brought about by the listing will give it more credibility. It works with clients such as Bharat Sanchar Nigam (BSNL), Delhi Jal Board, Food Corporation of India, Maxwell Industries, Mother Dairy, National Disaster Management Authority, National Fertilizers, National Highways Authority of India, National Law School of India, NHPC and NTPC, to name a few.

 

Pressman has around 100 employees, 55 of whom also hold stake in the company. The shareholder base stands at 22,000 post-listing. The agency, with offices in eleven cities, operates in four areas – advertising, public relations, digital and financial communications. It reported a net profit of 6.29 crore for the financial year ended March 2013, on sales of 43 crore.

 

Pressman Advertising shares closed at Rs 12.50 on the NSE at close of trade on Thursday, putting the agency’s market cap at nearly Rs 30 crore.

 

Source:The Economic Times

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