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Music Broadcast stock closes 12.06% higher post debut on bourses
BT Online
Friday, March 17, 2017 | 16:01 IST
Music Broadcast stock closes 12.06% higher post debut on bourses

Music Broadcast on Friday listed at a 26.13 per cent premium at Rs 420 compared with issue price of Rs 333 apiece.

The stock opened at Rs 420 and fell to an intra-day low of Rs 368 on the BSE. 

It closed 12.06 percent or 40 points higher at Rs 373.15 level on the BSE.

The IPO was open for subscription from March 6 and March 8 and received nearly 8.5 lakh applications.

It was subscribed 39.67 times.

IPO comprised fresh issue of equity shares of up to Rs 400 crore and an offer for sale of up to 26.59 lakh equity scrips.

Music Broadcast Pvt. Ltd, which owns and operates Radio City, has a pan India presence with radio stations in 37 cities.

MBL has a strong leadership and is ranked as the number one in terms of listeners with a total of  49.6 million across 23 cities. It also has presence in the Internet Radio Space with PlanetRadioCity.com - 40 web radio stations in 8 languages.

Recently, Avenue Supermarts, owner and operator of supermarket retail chain D-Mart invited bids for e total issue size of 4,43,72,882 shares. It was subscribed 104 times on March 10, the third day of its subscription.

Apart from Music Broadcast, IPOs of Shankara Building Product; BSE-promoted CDSL; and test-prep player CL Educate are expected to hit the market this month.

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