The initial public offering of Music Broadcast, a Jagran group firm that runs Radio City FM channel, was oversubscribed 2.19 times on the second day of the issue, reported PTI. The IPO received bids for 2,29,35,240 shares against the total issue size of 1,04,80,784 shares, data available with the NSE showed.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 1.06 times, while that of non institutional investors 24 per cent. Retail investors category was oversubscribed 3.66 times. Music Broadcast Ltd last week raised over Rs 146 crore by allotting shares to anchor investors.