PVR lists at Rs 266, gets 18% premium

Multiplex cinema operator PVR today listed on the Bombay Stock Exchange at Rs 266.85, a 18.37 per cent premium over the issue price of Rs 225.

The stock further gained momentum during the firm trading session and closed at Rs 295.95, 31.53 per cent higher than the issue price.

After today's closing, PVR emerged the third largest entertainment company with a market capitalisation of Rs 677.13 crore, pushing Sahara India Mass Communication to fourth position at a m-cap of Rs 533.20 crore. Adlabs led the pack with a m-cap of Rs 1,241.64 crore followed by Balaji Telefilms at Rs 978 crore.

PVR would be utilising the proceeds from the issue to finance new cinema projects, expand film distribution business and upgrade and renovate technology at its cinemas.

The company plans to set up cinemas in Mumbai, Hyderabad, Delhi, Indore, Gurgaon, Lucknow, Chennai, Ludhiana, Aurangabad and Latur.

PVR currently has 10 cinemas with 39 screens and will be looking at increasing this figure from 18 to 82 cinemas by the end of 2006.