R K Swamy IPO IPO Breakdown: A Comprehensive Overview

IPO Details

Bidding Dates	4th Mar ‘24 – 6th Mar ‘24	Closes on	6th Mar ‘24 4:50 PM
Lot Size	50	Price Range	₹270 – ₹288
Min. Investment	₹13,500	Issue Size	423.56Cr
Docs	RHPH DRHP	Apply Now	Groww Zerodha
Registrar	Kfin Technologies Limited	Lead Manager	SBI Capital Markets Limited IIFL Securities Ltd Motilal Oswal Investment Advisors Limited
IPO Type	Mainboard	Listing at	BSE, NSE
Issue Type	Book Built Issue IPO	Anchor Investment	187.23Cr
Total Issue Size	14,706,944 shares (aggregating up to ₹423.56 Cr)	Fresh Issue Offer for Sale	6,006,944 shares (aggregating up to ₹173.00 Cr) 8,700,000 shares of ₹5 (aggregating up to ₹250.56 Cr)
Share holding pre issue	44,457,140	Share holding post issue	50,464,084
Promoter Holding Pre Issue	83.03%	Promoter Holding Pre Issue
Employee Discount	Rs 27 per share

IPO Timeline

IPO Open Date	Monday, March 4, 2024
IPO Close Date	Wednesday, March 6, 2024
Basis of Allotment	Thursday, March 7, 2024
Initiation of Refunds	Monday, March 11, 2024
Credit of Shares to Demat	Monday, March 11, 2024
Listing Date	Tuesday, March 12, 2024
Cut-off time for UPI mandate confirmation	5 PM on March 6, 2024

Subscription Status

On March 6, 2024, at 6:21:00 PM, the R K SWAMY IPO witnessed a subscription rate of 25.78 times. Notably, the public issue received strong interest across different categories, with subscriptions reaching 33.31 times in the retail category, 20.58 times in the QIB category, and 34.24 times in the NII category.

Category	Subscription (times)
QIB	20.58
NII	34.24
bNII (bids above ₹10L)	35.73
sNII (bids below ₹10L)	31.27
Retail	33.31
Employee	2.46
Total	25.78

Total Application : 874,166

IPO GMP

R K SWAMY debuted on the stock exchange on March 12, 2024. With a subscription rate of 25.78x, the IPO attracted considerable interest from investors. The last Grey Market Premium (GMP) for R K SWAMY IPO remained at ₹0, as of March 12, 2024, at 10:32 AM, suggesting a potential profit/loss of 0.00%.

Initially priced at ₹288.00 during the IPO, R K SWAMY commenced trading at ₹250, indicating a -13.19% decrease from the allotment price.

The anticipated IPO listing price, as indicated by the grey market, was ₹288, positioned below the GMP price and indicating a negative listing prospect for GMP.

Disclaimer: The GMP prices provided here are purely for informational purposes related to the grey market. We neither engage in nor endorse trading or dealings in the grey market or its rates (sub2). Additionally, we do not recommend participating in grey market trading.

Allotment Status

Allotment status can be checked at: Kfin Technologies Limited

Listing Details

Listing Date	March 12, 2024
BSE Script Code	544136
NSE Symbol	RKSWAMY
ISIN	INE0NQ801033
Final Issue Price	₹288 per share

Pre-Open Sessions

The Pre-Open Session is a vital phase during the listing day of a company’s shares on the stock exchange, specifically known as the pre-open for IPO or IPO pre-market session.

• Pre-Open Sessions: NSE
• Pre-Open Sessions: BSE

Listing Day Trading Information

Price Details	BSE	NSE
Final Issue Price	₹ 288.00	₹ 288.00
Open	₹ 252.00	₹ 250.00
Low	₹ 248.00	₹ 243.00
High	₹ 284.50	₹ 284.90
Last Trade	₹ 263.25	₹ 262.60

About R K Swamy

R K Swamy Limited operates as an integrated marketing service group in India, offering a comprehensive suite of creative, media, data analytics, and market research services. The company caters to a diverse clientele spanning various industries, including prominent names such as Aditya Birla Sun Life AMC, Cera Sanitaryware, Dr. Reddy’s Laboratories, Havells India, and Tata Play.

In Fiscal 2023 and the first half of September 2023, R K Swamy Limited successfully launched 818 and 438 creative campaigns on behalf of its clients. Additionally, the company effectively managed substantial amounts of data, handling 97.69 and 140.05 terabytes. Furthermore, R K Swamy Limited conducted extensive consumer research, comprising 2.37 million and 1.44 million interviews through quantitative, qualitative, and telephonic surveys during the respective periods.

• Parent Organisation: R K Swamy Ltd
• Founded: NA
• Managing Director: NA

Pros

• With nearly five decades of experience as an integrated marketing services provider, the company embarked on a dedicated customer data analytics venture in 2008 through its subsidiary, Hansa Customer Equity. Over the years, it has successfully served more than 200 clients in this specialized field.
• Since its inception, the company has extended its services to over 4,000 client organizations, catering to a diverse clientele of over 380 clients in the six months ending September 30, 2023, across various industry verticals.
• The company’s extensive marketing and client services network spans 12 Indian cities, featuring 12 offices and 12 field locations. Recent expansions include the establishment of foreign subsidiaries in Dubai and Bangladesh, primarily to broaden its service offerings in the Middle East, North Africa, and South Asia, encompassing Full-Service Market Research offerings.
• Within India, the company boasts a ‘national data-collection field infrastructure’ present in 17 cities, comprising a network of 1,350 individuals as of September 30, 2023. This workforce includes 47 field executives, one third-party payroll employee, and 1,302 freelancers.
• Reflecting its financial performance, the company reported revenue from operations at Rs. 173.55 cr, Rs. 234.41 cr, and Rs. 292.61 cr in FY 2021, 2022, and 2023, respectively. During the same periods, its Profit after tax stood at Rs. 3.08 cr, Rs. 19.26 cr, and Rs. 31.26 cr.

Cons

• The company heavily relies on its key clients, with 93.72% (Rs. 132.2 cr) of revenue for the six months ending September 30, 2023, and 83.73% (Rs. 245.0 cr) for Fiscal 2023 originating from 267 and 301 repeat clients, respectively. This dependence on a limited number of clients poses a potential risk to the business, financial results, and overall stability.
• The revenue stream is significantly tied to specific key industries, and any decline in demand for marketing services within these sectors may lead to a reduction in revenues, potentially impacting the business, financial condition, and operational results. Notably, there is a substantial concentration of clients in the Banking, Financial Services, and Insurance (BFSI), Automotive, and Fast-moving consumer goods/consumer durables/retail/e-commerce industries.
• Digital marketing and Integrated Marketing Communications form significant components of the company’s offerings, serving as the primary sources of income. For the six months ending September 30, 2023, and the financial years ending March 31, 2023, March 31, 2022, and March 31, 2021, revenue from digital operations contributed 80.22%, 78.13%, 75.30%, and 69.81%, respectively, to the total revenue. Similarly, revenue from Integrated Marketing Communications contributed 44.00%, 49.23%, 46.60%, and 40.76%, respectively, to the total revenue from operations during the same periods. Consequently, any decrease in client expenditures, the loss of clients seeking these services, or the inability to attract new clients in these business areas could have a material adverse effect on the business, revenue growth, financial condition, and results of operations.
• The company’s operations are contingent on the availability and cost of advertising space, media purchases, and production sites. Limitations or substantial price hikes in these areas may have adverse effects on its business, financial results, and overall financial condition.
• Furthermore, the company, along with its directors, promoters, and subsidiaries, is currently or potentially entangled in legal and regulatory proceedings. Adverse outcomes in these proceedings could significantly impact the business, financial condition, cash flows, and operational results of the company.
• Additionally, the company has certain contingent liabilities, and their realization could potentially have a negative impact on its financial condition.

Financials

Amount in ₹ Crore
Period Ended	30-Sep-23	31-Mar-23	31-Mar-22	31-Mar-21
Assets	252.23	313.65	406.44	390.06
Revenue	142.55	299.91	244.97	183.22
Profit After Tax	7.93	31.26	19.26	3.08
Net Worth	146.66	140.81	111.93	98.22
Reserves and Surplus	28.85	40.79	12.27	-0.43
Total Borrowing	51.05	4.51	28.73	45.68

IPO Objectives

The intended utilization of the Net Proceeds, derived from the Fresh Issue (i.e., gross proceeds of the Fresh Issue minus the Company’s share of the Offer-related expenses), is as follows:

• Funding the working capital requirements of our Company.
• Financing capital expenditure for the establishment of a digital video content production studio (“DVCP Studio”).
• Investing in the development of IT infrastructure for the company and its Material Subsidiaries, Hansa Research, and Hansa Customer Equity.
• Funding the establishment of new customer experience centres (“CEC”) and computer-aided telephonic interview centres (“CATI”) for the company.
• Meeting general corporate purposes.

IPO Lot Size

Investors have the option to bid for a minimum of 50 shares and in multiples thereof. The table below illustrates the minimum and maximum investment at cut-off price, both in terms of shares and corresponding amounts, for retail investors and High Net Worth Individuals (HNI).

Application	Lots	Shares	Amount
Retail (Min)	1	50	₹ 14,400
Retail (Max)	13	650	₹ 1,87,200
S-HNI (Min)	14	700	₹ 2,01,600
S-HNI (Max)	69	3,450	₹ 9,93,600
B-HNI (Min)	70	3,500	₹ 10,08,000

IPO Reservation

Investor Category	Shares Offered	Maximum Allottees*
Anchor Investor Shares Offered	6,500,937 (44.12%)	NA
QIB Shares Offered	4,333,959 (29.41%)	NA
NII (HNI) Shares Offered	2,166,979 (14.71%)
bNII > ₹10L	1,444,652 (9.80%)	2,063
sNII < ₹10L	722,327 (4.90%)	1,031
Retail Shares Offered	1,444,652 (9.80%)	28,893
Employee Shares Offered	287,356 (1.95%)	NA
Total Shares Offered	14,733,883 (100%)

*The term “Maximum Allottees” refers to the highest number of Retail Individual Investors (RIIs) and Non-Institutional Investors (NIIs) to whom shares will be allocated, particularly in cases of oversubscription.

The formula for calculating Maximum Allottees is as follows:
Maximum Allottees = Number of shares reserved/Minimum number of shares to be allotted per respective category

It’s important to note that “Maximum Allottees” is not applicable to other categories, where allotment follows a pro-rata basis.

R K SWAMY Limited Contact Details

R K SWAMY Limited
No. 19, Wheatcrofts Road, Nungambakkam Chennai-600 034,
Phone: +91 22 4057 6499
Email: [email protected]
Website: https://www.rkswamy.com/

Apply Now

Groww	Zerodha

Indian Share Market FAQs

FAQs Table: Indian Share Market
Question	Answer
What is the Indian share market?	The Indian share market, also known as the stock market, is a platform where buyers and sellers trade financial instruments, primarily stocks and securities, representing ownership in companies.
How many stock exchanges are there in India?	India has two major stock exchanges: the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Both play a crucial role in the Indian capital market.
What are equity shares?	Equity shares represent ownership in a company and entitle shareholders to voting rights and a share in the company’s profits. They are a common form of investment in the share market.
What is a stock index?	A stock index is a statistical measure that reflects the performance of a group of stocks in the market. In India, indices like Nifty 50 and Sensex are widely used to gauge market trends.
How can I buy shares in the Indian share market?	To buy shares, you need to open a demat and trading account with a registered stockbroker. Once the accounts are set up, you can place buy orders through the broker’s trading platform.
What is a demat account?	A demat account (dematerialized account) holds shares and securities in electronic form, eliminating the need for physical share certificates. It facilitates easy and secure share trading.
What is a trading account?	A trading account is used to execute buy and sell orders in the stock market. It is linked to your demat account, allowing seamless transfer of shares bought or sold in the market.
What is intraday trading?	Intraday trading involves buying and selling shares within the same trading day. Traders aim to capitalize on short-term price movements to make profits.
How are stock prices determined?	Stock prices are determined by supply and demand dynamics in the market. Various factors, including company performance, economic indicators, and market sentiment, influence stock prices.
What is the role of SEBI in the Indian stock market?	The Securities and Exchange Board of India (SEBI) is the regulatory authority overseeing the Indian stock market. It ensures investor protection, market integrity, and regulates stock market entities.
What is a mutual fund?	A mutual fund is an investment vehicle that pools money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities.
How can I invest in mutual funds?	To invest in mutual funds, you can approach Asset Management Companies (AMCs) directly or through registered intermediaries like mutual fund distributors and online platforms.
What is a dividend?	A dividend is a portion of a company’s profits distributed to its shareholders. Companies may choose to pay dividends to reward investors and provide them with a share in the company’s earnings.
What is the difference between BSE and NSE?	BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) are two major stock exchanges in India. The key difference lies in their trading systems, index calculation methods, and historical significance.
How does the stock market impact the economy?	The stock market is considered a barometer of the economy. A thriving stock market can boost investor confidence, attract investments, and positively influence economic indicators like GDP growth.
What is a blue-chip stock?	Blue-chip stocks are shares of well-established, financially stable, and reputable companies with a history of consistent performance. They are considered less risky and are often part of major stock indices.
What is a bear market?	A bear market is characterized by declining stock prices, pessimism, and a general negative sentiment in the market. Investors may adopt a cautious approach as bear markets indicate economic downturns.
What is a bull market?	A bull market is characterized by rising stock prices, optimism, and positive investor sentiment. Bull markets generally reflect economic growth and encourage investors to engage in buying activities.
How does online trading work?	Online trading involves using a trading platform provided by a broker to execute buy and sell orders electronically. Investors can access real-time market data, place orders, and monitor their portfolio online.
What is a circuit breaker in the stock market?	Circuit breakers are mechanisms that temporarily halt trading in the stock market in the event of sharp price movements. They provide a cooling-off period to prevent panic selling or buying.
What is the significance of IPOs in the stock market?	Initial Public Offerings (IPOs) bring new companies to the stock market, allowing them to raise capital by issuing shares to the public. IPOs attract investor attention and contribute to market dynamics.
How are stock market indices calculated?	Stock market indices are calculated based on the weighted average of the stock prices of a select group of companies. Indices represent the overall performance of the market or specific sectors.
What is the difference between Nifty and Sensex?	Nifty is the flagship index of the NSE, representing the performance of the top 50 companies, while Sensex is the benchmark index of the BSE, consisting of 30 major companies. Both are widely followed indices.
What is a stock split?	A stock split is a corporate action in which a company increases the number of its outstanding shares, reducing the share price. It aims to make shares more affordable for a broader range of investors.
How do I analyze a stock before investing?	Stock analysis involves evaluating a company’s financial health, performance, management, industry trends, and other factors. Fundamental analysis and technical analysis are common approaches to stock analysis.
What is the role of a stockbroker?	A stockbroker acts as an intermediary between buyers and sellers in the stock market. They facilitate the execution of trades, provide market insights, and offer investment advice to clients.
What is the role of market makers in the stock market?	Market makers facilitate liquidity in the market by continuously quoting buy and sell prices for a specific set of stocks. They play a crucial role in maintaining an orderly and liquid market.
What is a Stop-Loss order?	A Stop-Loss order is a pre-set order to sell a security when it reaches a specific price, limiting potential losses for investors. It is a risk management tool commonly used in stock trading.
How do I calculate my profit or loss in the stock market?	The profit or loss in the stock market is calculated by taking the difference between the selling price and the buying price of a security, factoring in transaction costs and other associated expenses.
What is the role of financial news in stock market investing?	Financial news provides information on market trends, company performance, economic indicators, and global events that impact the stock market. Investors use this information for decision-making.
What is the significance of corporate earnings reports?	Corporate earnings reports provide details on a company’s financial performance, including revenue, profit, and future outlook. Investors closely analyze these reports to assess the company’s health.
How do dividends impact stock prices?	Dividends can positively impact stock prices as they are seen as a sign of a company’s profitability and financial strength. Investors often view dividend-paying stocks as stable and attractive investments.
How does the stock market perform during economic recessions?	Stock markets may experience declines during economic recessions due to reduced consumer spending, lower corporate profits, and overall economic uncertainty. However, market reactions can vary.
What is a Systematic Investment Plan (SIP)?	A Systematic Investment Plan (SIP) is an investment strategy where investors regularly contribute a fixed amount to a mutual fund, helping them benefit from rupee-cost averaging and disciplined investing.
How does the stock market accommodate foreign investors?	Foreign investors can invest in Indian stocks through the Foreign Institutional Investor (FII) and Foreign Portfolio Investor (FPI) routes, subject to regulatory guidelines and limits set by SEBI.
What is the role of technical analysis in stock trading?	Technical analysis involves studying historical price and volume data to make predictions about future price movements. Traders use charts, patterns, and technical indicators to inform their investment decisions.
What is the impact of global events on the Indian stock market?	Global events such as geopolitical tensions, economic crises, and changes in international trade policies can influence the Indian stock market, causing volatility and affecting investor sentiment.
What is a P/E ratio, and how is it used in stock analysis?	The Price-to-Earnings (P/E) ratio is a valuation metric calculated by dividing a company’s stock price by its earnings per share (EPS). It is used to assess the relative valuation of a stock in the market.
How can I safeguard my investments in a volatile market?	To safeguard investments in a volatile market, investors can diversify their portfolio, set stop-loss orders, stay informed about market trends, and focus on a long-term investment strategy.

IPO FAQs in the Indian Market

FAQs Table: IPOs in the Indian Market

Question	Answer
What is an IPO?	An Initial Public Offering (IPO) is the process through which a private company becomes publicly traded by offering its shares to the public.
How does an IPO work?	IPOs involve the issuance of new shares to the public, providing the company with capital for expansion or other purposes. Investors buy these shares on the stock exchange.
Why do companies go for an IPO?	Companies go public to raise capital, increase visibility, facilitate mergers/acquisitions, and provide liquidity to existing shareholders.
What are the benefits of investing in IPOs?	IPO investments offer the potential for capital appreciation, participation in a company’s growth, and the opportunity to benefit from listing gains.
How can I participate in an IPO?	Investors can participate in an IPO by submitting an application through their broker or using online platforms, adhering to the specified application process.
What is the difference between a mainboard IPO and a SME IPO?	Mainboard IPOs involve larger, well-established companies, while SME IPOs are for small and medium-sized enterprises seeking capital from the public.
What is a Red Herring Prospectus?	It is a preliminary prospectus issued before the IPO, providing details about the company, excluding the final issue price and the number of shares offered.
How is the IPO price determined?	The IPO price is determined through processes like book building, where investors bid within a price range, and the final price is set based on demand and supply.
Can retail investors apply for all IPOs?	Yes, retail investors can apply for most IPOs, subject to the specific conditions mentioned in the IPO’s offer document.
What is the role of underwriters in an IPO?	Underwriters guarantee the sale of IPO shares by purchasing them from the issuer and selling them to the public, managing the risk associated with the IPO.
What is a green shoe option?	Also known as an over-allotment option, it allows underwriters to sell additional shares if the demand is higher than expected during the IPO.
What is the lock-in period for promoters after an IPO?	Promoters are typically subject to a lock-in period, during which they cannot sell their allotted shares, ensuring stability and investor confidence.
How are IPO allotments made?	Allotments are made based on the bidding process, and shares are allocated to investors proportionally or through a lottery system, depending on the demand.
What is a book-building process in an IPO?	The book-building process is a price discovery mechanism where investors bid for shares within a specified price range, helping determine the final issue price.
What is the significance of the QIB category in an IPO?	Qualified Institutional Buyers (QIBs) are institutional investors, and their participation is crucial in gauging the overall demand and success of an IPO.
What is the difference between book-built and fixed-price IPOs?	In a book-built IPO, the price is determined through bidding, while in a fixed-price IPO, the price is pre-decided by the company.
How can I check the status of my IPO application?	Investors can check the IPO application status on the official website of the registrar or through their demat account and broker platforms.
Can I apply for an IPO using multiple demat accounts?	No, applying for an IPO using multiple demat accounts is not allowed. Each investor is limited to one bid per PAN card.
What is the role of a registrar and transfer agent in an IPO?	The registrar and transfer agent processes IPO applications, manages the allotment process, and maintains the share registry after the IPO.
What is the minimum and maximum bid lot in an IPO?	The bid lot refers to the minimum number of shares an investor can apply for. The minimum and maximum bid lots vary for each IPO and are specified in the offer document.
What is a pre-IPO placement?	A pre-IPO placement involves selling shares to institutional investors before the IPO, providing a measure of confidence in the company’s valuation.
How is the IPO market regulated in India?	The Securities and Exchange Board of India (SEBI) regulates the IPO market in India, ensuring transparency, fairness, and investor protection.
What is the grey market for IPOs?	The grey market is an unofficial market where IPO shares are bought and sold before the official listing, providing an indication of potential listing gains.
Can I sell IPO shares on the listing day?	Yes, investors can sell their IPO shares on the listing day once the shares are officially listed on the stock exchange.
What is the significance of anchor investors in an IPO?	Anchor investors are institutional investors who invest in an IPO before the public offering, providing stability and credibility to the issue.
Are there any tax implications for IPO investments?	Yes, capital gains tax may apply on the sale of IPO shares, and investors should be aware of the tax implications based on their holding period.
What happens if an IPO is undersubscribed?	If an IPO is undersubscribed, the company may choose to cancel the issue, and the entire application amount is refunded to the investors.
What is the role of SEBI in regulating IPOs?	The Securities and Exchange Board of India (SEBI) oversees the entire IPO process, ensuring compliance with regulations, protecting investors, and maintaining market integrity.
How are retail investors protected in an IPO?	SEBI has implemented various measures to protect retail investors, including defining minimum and maximum investment limits, ensuring a fair allotment process, and more.
What is the minimum and maximum investment limit for retail investors in an IPO?	The minimum and maximum investment limits for retail investors in an IPO are specified in the offer document and vary for each IPO.
Can I apply for an IPO using the UPI payment method?	Yes, the Unified Payments Interface (UPI) is a commonly accepted mode for making payments while applying for an IPO.
What is the significance of the IPO grading system?	The IPO grading system provides an assessment of the fundamentals of the IPO by credit rating agencies, helping investors gauge the risk associated with the issue.
What is the concept of cut-off price in an IPO?	Investors can bid at the cut-off price, indicating they are willing to purchase shares at any price within the price band, allowing for a simplified bidding process.
How can I calculate the market capitalization of a company post-IPO?	Market capitalization is calculated by multiplying the post-IPO share price by the total number of outstanding shares.
What is the difference between primary and secondary market offerings?	Primary market offerings involve the issuance of new shares, while secondary market offerings involve the sale of existing shares by current shareholders.
What is a buyback of shares post-IPO?	A buyback is when a company repurchases its own shares from the market, providing an exit route for investors and returning surplus cash to shareholders.
Can employees of the issuing company participate in the IPO?	Yes, employees are often given preferential treatment or reserved quotas to participate in the IPO, fostering employee ownership and loyalty.
What is the impact of market conditions on IPO subscription?	Market conditions, especially volatility, can impact IPO subscriptions. High market sentiment may lead to oversubscription, while bearish conditions may result in undersubscription.
How is the listing price of an IPO determined?	The listing price is determined based on the demand and supply dynamics on the listing day, and it may differ from the issue price.
What is the role of market makers post-IPO?	Market makers provide liquidity to the stock by continuously quoting buy and sell prices. Their role is crucial in maintaining a fair and orderly market post-IPO.
What is the difference between a listing date and a trading date?	The listing date is when the shares are officially listed on the stock exchange, while the trading date is when investors can start buying and selling the shares in the market.
How can I exit my investment in an IPO after the lock-in period?	After the lock-in period expires, investors can sell their shares in the secondary market through stock exchanges.
Can foreign investors participate in Indian IPOs?	Yes, foreign institutional investors (FIIs) and qualified foreign investors (QFIs) are allowed to participate in Indian IPOs, subject to regulatory guidelines.
What is the impact of IPOs on the stock market indices?	IPOs can influence stock market indices by adding new stocks, altering sector weights, and reflecting changes in market capitalization.
How does the process of IPO grading benefit investors?	IPO grading offers investors an independent assessment of the fundamentals of the IPO, aiding in making more informed investment decisions.
What is the concept of a follow-on public offering (FPO)?	An FPO is a subsequent public offering of shares by a listed company, allowing it to raise additional capital after the initial IPO.
How can I stay updated on upcoming IPOs in the Indian market?	Investors can stay informed about upcoming IPOs through financial news websites, stock exchange notifications, and updates from regulatory authorities like SEBI.

Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered as professional advice. We are not registered with the Securities and Exchange Board of India (SEBI), and our content should not be construed as financial recommendations or endorsements. Readers are encouraged to conduct their own research and, if needed, consult with a certified financial advisor before making any investment decisions. We do not assume responsibility for any actions taken based on the information presented in this blog. Thank you for your understanding.