Shares of Bright Outdoor Media were trading at Rs 150 at 11:12 IST on the BSE, a premium of 2.74% compared with the issue price of Rs 146.
The scrip was listed at Rs 150, a premium of 2.74% compared with the issue price.So far, the scrip hit a high of Rs 153.90 and a low of Rs 150. At the counter, 11.77 lakh shares of the company had changed hands till now.
The initial public offer (IPO) of Bright Outdoor Media was subscribed 1.20 times. The issue opened for bidding on 14 March 2023 and it closed on 17 March 2023. The IPO price was fixed at Rs 146 per share.
The IPO comprised fresh issue of 38,00,000 equity shares. About 1,94,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 36,06,000 equity shares. The issue and the net issue will constitute 27.28% and 25.89% of the post-issue paid-up equity share capital of the company.
The promoter and promoter group shareholding will dilute to 72.72% post IPO from 99.99% pre-IPO.
The company intends to utilize the net proceeds from the issue for prepayment/repayment of certain secured borrowings availed by the company; purchase of LED hoardings; funding working capital requirements; and general corporate purposes.
Bright Outdoor Media is engaged in the business of providing Out of Home (OOH) advertising media services.
Also Read
The company's array of service hoardings includes railway boards, railway panels, transfer stickers, cinema slides, promos, full train, bus panels, full bus painting, mobile sign truck, kiosks, traffic booth, toll naka, gantry and vinyl. Apart from Out-of-Home (OOH) advertising and providing various novel communication solutions to clients. It also offers services assuring multicultural and ethnic outdoor advertising campaigns that engage audiences and achieve impact, for every creative need, idea and budget. Besides this, the company is also engaged in real estate business which mainly includes sale and purchase of properties and also sharing the same on rental/leave and license basis. As of 30 September 2022, it had 52 employees.
The company recorded a revenue from operations of Rs 44.96 crore and net profit of Rs 4.19 crore for the period ended on 30 September 2022.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content