Stellar listing: Music Broadcast debuts with 24% premium at Rs 413
Music Broadcast shares started off first day trade at Rs 413 on Friday, up 24 percent over issue price of Rs 333.
Music Broadcast shares started off first day trade on a strong note, opening at Rs 413 on Friday, up 24 percent over issue price of Rs 333.
The stock was trading at Rs 379.85 on the NSE, up 14 percent over issue price after hitting an intraday high of Rs 415 and low of Rs 370.
In an interview to CNBC-TV18, RK Agarwal, CFO of Jagran Prakashan said radio business can give a margin anywhere around 40 percent.
"We will pare debt worth Rs 150 crore on immediate basis through fresh issue proceeds and we don't have any major capex plan for the near-term," he says.
The IPO, first in 11 years by a radio channel, received robust response with oversubscription of 39 times. The IPO, which opened during March 6-8, had comprised of fresh issue of shares up to Rs 400 crore and an offer for sale of up to 26.59 lakh shares.The operator of FM channel Radio City will use fresh issue proceeds for redemption of listed non-convertible debentures.