Music Broadcast's IPO subscribed 2.2 times

The initial public offer (IPO) by Music Broadcast has garnered 2.2 times subscription a day before its close. The 10.5-million offering has so far garnered bids for nearly 23 million shares. 

The retail portion of the IPO has been subscribed nearly four times, institutional investor quota was subscribed one time and the high networth individual (HNI) segment was subscribed 24%.  

The company, which operates Radio City FM channel, has fixed the price band of Rs 324 to Rs 333 per share. Music Broadcast is issuing fresh shares worth Rs 400 crore to retire some of its debt. The issue comprises of secondary share sale worth around Rs 88 crore. 

The Rs 488-crore IPO closes on Wednesday. The company has already raised Rs 146 crore from anchor investors.