The initial public offering of Music Broadcast Ltd, a Jagran group firm that runs Radio City FM channel, was subscribed 51 per cent on the first day of the offer, reported PTI. The IPO, received bids of 53,17,065 shares against the total issue size of 1,04,80,784 shares, data available with the NSE showed. The portion set aside for non-institutional investors was subscribed 3 per cent, while retail investors category was fully subscribed.
Qualified institutional buyers segment did not see any subscription on day one. Music Broadcast Ltd last week raised over Rs 146 crore by allotting shares to anchor investors. The IPO comprises fresh issue of equity shares up to Rs 400 crore and an offer for sale of up to 26.59 lakh equity scrips. It has fixed a price band of Rs 324 to Rs 333. The initial share sale plan will close on March 8. Proceeds from the sale would be primarily used for redemption of listed non-convertible debentures. Music Broadcast, which owns and operates Radio City, has a pan India presence with radio stations in 37 cities.
It had filed IPO papers with the Securities and Exchange Board of India (Sebi) in November last year and received 'observation' from it on February 9, which is necessary for a company to launch its public offer. ICICI Securities Ltd is the sole book running lead manager for the offer. The equity shares of the company are proposed to be listed on the BSE and the National Stock Exchange (NSE).