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Midvalley Entertainment IPO subscribed 4 times
The Rs 60-crore initial public offering of south based media & entertainment company Midvalley Entertainment, which closed today, has subscribed 4.03 times, as per data available on exchange.
The Rs 60-crore initial public offering of south based media & entertainment company Midvalley Entertainment , which closed today, has subscribed 4.03 times, as per data available on exchange.
The issue received bids for 3.78 crore equity shares as against issue size of 93.75 lakh shares, supported by retail and non-institutional investors.
Reserved portion of retail investors and non-institutional investors subscribed 9.01 times & 4.68 times, respectively. Qualified institutional investors' portion was subscribed 0.35 times.
A price band was at Rs 64-70/share for the issue.
Midvalley is a film production, distribution and exhibition company, actively engaged in the media and entertainment industry in South India. It has presence in the media and entertainment activity from concept to completion i.e. from script to screen. It produces, distribute and exhibit movies both in Indian and foreign languages.
Issue proceeds are proposed to be utilised for entering into screening agreements with 300 cinema theatres; renovation and up-gradation of cinema infrastructure with digital equipment and other related assets for a select 100 screens; and acquisition of company, acquisition of screening rights of company having similar line, range and objects of business.
