Madhya Pradesh Today Media intends to raise Rs 14.16 crore through public issue of 21,46,500 equity shares at a price of Rs 66 per share.
Madhya Pradesh Today Media has filed draft red herring prospectus with National Stock Exchange, for its initial public offering (IPO).
The IPO is likely to open for subscription around last week of September, the company said in its release.
The company intends to raise Rs 14.16 crore through public issue of 21,46,500 equity shares at a price of Rs 66 per share. The issue would constitute 47.01 percent of the post Issue equity share capital.
Madhya Pradesh Today Media will use issue proceeds for expansion of business by upgrading unit offices in various cities in Madhya Pradesh and Chhatisgarh; working capital requirements; and general corporate expenses.
The company owns the daily newspaper 'Pradesh Today' and publishes over 17 lakh copies through its 13 morning editions from Bhopal, Indore, Gwalior, Jabalpur, Rewa, Katni, Sagar Ujjain, Maharashtra, Uttar Pradesh, Delhi, Chindwara and Raipur besides two evening editions from Bhobal and Jabalpur.
The company also manages an online news portal pradeshtoday.com. Pradesh Today was first launched in 2010 in Madhya Pradesh.
Madhya Pradesh Today Media clocked turnover of Rs 19.3 crore, Rs 15.24 crore and Rs 15.41 crore for the fiscal year ending 2017, 2016 and 2015 and profit of Rs 2.33 crore, Rs 0.65 crore and Rs 0.42 crore, respectively.
In FY17, the company earned over 90 percent of its revenue from advertising while the rest from the sale of newspaper copies.
Equity shares will be listed on NSE Emerge platform.Mark Corporate Advisors Private Limited is the lead manager to the issue.