Music Broadcast IPO oversubscribed 39.45 times on last day

The initial public offering of Music Broadcast, a Jagran group firm that runs Radio City FM channel, was oversubscribed 39.45 times on the last day of the issue today.
The IPO received bids for 41,34,94,155 shares against the total issue size of 1,04,80,784 shares, data available with the NSE till 1900 hrs showed.
The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 39.78 times, while non institutional investors 109.14 times and retail investors 9.19 times, sources said.
The IPO, first in 11 years by a radio channel, received robust response, attracting over Rs 13,600 crore of subscription and nearly 8.5 lakh applications.

Earlier in 2006, ENIL's IPO was subscribed 40.61 times.
D B Corp was the most recent media sector IPO in 2009.

Music Broadcast Ltd last week raised over Rs 146 crore by allotting shares to anchor investors.
The IPO comprises fresh issue of shares up to Rs 400 crore and an offer for sale of up to 26.59 lakh scrips. It has fixed a price band of Rs 324-333.
Proceeds from the sale will be primarily used for redemption of listed non-convertible debentures.
Music Broadcast has a pan-India presence with radio stations in 37 cities.
It had filed IPO papers with the Securities and Exchange Board of India (Sebi) in November last year and received 'observation' from it on February 9, which is necessary for a company to launch its public offer.

ICICI Securities Ltd is the sole book running lead manager for the offer. The shares of the company are proposed to be listed on BSE and the National Stock Exchange (NSE).
For the 6-month period ended September 30, 2016, Music Broadcast generated total revenue of Rs 138.21 crore and net profit of Rs 29.76 crore.