Music Broadcast pares gains to end 12% higher against its issue price

The stock settled 11% lower against its listing price of Rs 420

Music Broadcast, a Jagran group firm that runs Radio City FM channel, settled the day at Rs 373, 12% premium to its initial public offer (IPO) price of Rs 333, but 11% lower to its listing price.

The stock listed on the BSE at Rs 420, 26% premium against its issue 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 a low of Rs 370 within minutes of listing on the BSE and NSE. It touched a high of Rs 415 in intra-day on NSE.

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'.