Chennai-based Midvalley Entertainment Ltd today made a decent debut on the Bombay Stock Exchange (BSE), opening with a premium of 4.1 per cent over its issue price of Rs 70.
Shares of Midvalley Entertainment listed at Rs 73, up 4.1 per cent from its issue price on the BSE. Within minutes of trade, the scrip witnessed a smart jump of 9.28 per cent to hit an early high of Rs 76.50.
The company, engaged in film production, distribution and exhibition in South India, had fixed the issue price of its initial public offer (IPO) at Rs 70 per share.
Midvalley Entertainment has raised about Rs 60 crore through its IPO.
The company intends to spend Rs 15 crore by entering into screening agreements with 300 cinema theatres in TamilNadu, Andhra Pradesh and Karnataka.
It has also earmarked Rs 25.95 crore for renovation and up-gradation of cinema infrastructure with digital equipment and other related assets for select 100 screens in South India.
Meanwhile, the BSE benchmark Sensex was quoting at 18,946.50, down 22.95 points at 0958 hours.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app