Stellar listing: Music Broadcast debuts with 24% premium at Rs 413

Moneycontrol News Music Broadcast shares started off first day trade at Rs 413 on Friday, up 24 percent over issue price of Rs 333.
The operator of FM channel Radio City’s initial public offering (IPO) had been oversubscribed over 39 times.
The IPO, first in 11 years by a radio channel, received robust response, was oversubscribed 39 times. The IPO 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.