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Music Broadcast lists at Rs 420, 26% premium to IPO price

By FnF Desk | PUBLISHED: 17, Mar 2017, 11:22 am IST | UPDATED: 17, Mar 2017, 18:58 pm IST

Music Broadcast lists at Rs 420, 26% premium to IPO price Mumbai: Music Broadcast, a Jagran group firm that runs Radio City FM channel, has listed on the BSE at Rs 420, 26% premium to its initial public offer (IPO) 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 low of Rs 370 within minutes of listing on the BSE and NSE. It has touched a high of Rs 415 in intra-day on NSE so far.

At 10:06 the stock was trading at Rs 379, 14% higher as compared to its issue price on the NSE. A combined 8.17 million shares changed hands on the counter on the NSE and BSE so far.

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'.