Radio City FM operator's shares to list tomorrow

Shares of Music Broadcast Ltd, a Jagran Group firm that runs Radio City FM channel, will list on the stock exchanges tomorrow.
The IPO, the first in 11 years by a radio channel, received robust response and was subscribed more than 39 times last week.
Earlier in 2006, Entertainment Network's initial public offer (IPO) was subscribed 40.61 times. DB Corp's was the most recent media sector IPO in 2009.
Music Broadcast's IPO comprised fresh issue of shares of up to Rs 400 crore and an offer for sale of up to 26.59 lakh scrips by the existing shareholders.
Price band for the offer was fixed at Rs 324-333 and the IPO was open for subscription during March 6-8. The public issue was managed by ICICI Securities.

Music Broadcast has a pan-India presence with radio stations in 37 cities.
For the six-month period ended September 30, 2016, Music Broadcast generated total revenue of Rs 138.21 crore and net profit of Rs 29.76 crore.