South based media & entertainment company Midvalley Entertainment's (MVEL) initial public offering (IPO) has opened for subscription today. A price band for Rs 60 crore IPO is set at Rs 64-70/share.
It 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. The issue will close for subscription on January 12. Bids can be made for 95 equity shares and in multiple of 95 shares thereafter. Current promoters Unigold Pacific, Kiara Enigma and Global Motion Pictures & Ventures Pte Ltd hold 18.96%, 8.62% and 21.88% stake respectively in the company. Equity shares are proposed to be listed on Bombay Stock Exchange. Aryaman Financial Services limited is the book running lead manager to issue.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
