 "Music Broadcast pares gains to end 12% higher against its issue price")
Music Broadcast, a Jagran group firm that runs Radio City FM channel, settled the day at Rs 373, 12% premium to its initial public offer (IPO) price of Rs 333, but 11% lower to its listing price.
The stock listed on the BSE at Rs 420, 26% premium against its issue price of Rs 333.
On the National Stock Exchange (NSE), it opened at Rs 413, 24% higher against its issue price.
The stock however, hit a low of Rs 370 within minutes of listing on the BSE and NSE. It touched a high of Rs 415 in intra-day on NSE.
The Rs 488-crore IPO of Music Broadcast had got strong response from the all types of investors. It garnered 39.67 times subscription. The qualified institutional buyers (QIBs) segment of the IPO was subscribed 39.78 times; high net worth individual (HNI) portion was subscribed 109 times; and retail segment was subscribed 9.9 times.
Music Broadcast is one of the oldest private FM broadcasters in the country. It operates 37 FM radio stations under the brand 'Radio City' and 'Radio Mantra'.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
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
SAVE 25%