Radio City operator to be listed on stock exchanges on Friday
Jagran Group firm had seen an oversubscription of over 39 times; firm to use proceeds to redeem its NCDs
Music Broadcast, the operator of FM channel Radio City, will be listed on the stock exchanges on Friday.
The Jagran Group firm’s initial public offering (IPO) had been oversubscribed over 39 times.
According to reports, the grey market premium for the stock is seen in the range of Rs 85-90.
The IPO, first in 11 years by a radio channel, received robust response, attracting over Rs 13,600 crore of subscription and nearly 8.5 lakh applications. The IPO had fresh issue of shares up to Rs 400 crore and an offer for sale of up to 26.59 lakh shares. It fixed a price band of Rs 324-333.
Proceeds from the sale will be primarily used for redemption of listed non-convertible debentures.ICICI Securities Ltd is the sole book running lead manager for the offer. The shares of the company are proposed to be listed on BSE and the National Stock Exchange (NSE).