The Initial Public Offering (IPO) of RK Swamy Ltd, a player in India’s advertising and marketing landscape, closed on March 6. The total offer was worth around ₹423 crore, with ₹173 crore as a fresh issue and ₹250 crore as an offer-for-sale. RK Swamy has a strong track record and enduring relationships with clients, making it an attractive investment opportunity. However, the high cyclicality of the business and the IPO's valuation at 46 times FY23 earnings may pose risks for long-term investors. It is recommended for investors to monitor the company and consider investing at better valuations. The marketing services market in India is expected to grow significantly, and RK Swamy is well-positioned to benefit from this growth. The company reported revenue from operations of ₹293 crore in FY23, with EBITDA/PAT margins of 21/10 percent. After the IPO, the stock will trade at 91x annualized earnings for FY24, with a market cap of around ₹1,450 crore on the upper band. Investors interested in the IPO are advised to wait for more clarity on the company's performance before making a decision [6fd71a86].