Jagran Prakashan-promoted Music Broadcast Ltd.'s initial public offering was subscribed 39.34 times by the end of the bidding process on Wednesday.
The parent of Radio City received bids for 41.2 crore shares versus 1.04 crore shares that were on offer, according to data on the stock exchanges.
The highest demand came from high networth individuals. The portion reserved for them was subscribed 109.1 times after receiving bids for 24.5 crore shares against 22 lakh shares allotted.
The portion reserved for qualified institutional buyers was subscribed 39.78 times and received bids of 11.84 crore shares. Retail investors bid for 4.8 crore shares; the category was subscribed 9.19 times by the close of bidding.
The price band for the offer had been fixed between Rs 324 to Rs 333 per equity share.
Last week, Music Broadcast raised Rs 146.6 crore by allocating 4.4 crore shares to anchor investors at the upper limit of the price band.
The issue is being managed by ICICI Securities Ltd. and Citigroup Global Markets India Pvt Ltd.
The last media company-operated radio channel to list in India was DB Corp Ltd. in December 2009. The IPO garnered Rs 385 crore and was subscribed 39 times. DB Corp operates the 94.3 MY FM radio station.
Also Read: All You Need To Know About Music Broadcast's IPO
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