Music Broadcast debuts with 26% premium at Rs 420

Music Broadcast, the Jagran Group firm that runs Radio City FM channel, today made a stellar debut as its shares got listed at Rs 420 on the BSE, a premium of 26 per cent over the issue price of Rs 333.
At the National Stock Exchange, it debuted at Rs 413, up 24 per cent over the issue price.
The IPO, which opened for public subscription on March 6-8, was subscribed more than 39 times.
Earlier in 2006, Entertainment Network's initial public offer (IPO) was subscribed 40.61 times. DB Corp's was the most recent media sector IPO in 2009.
Music Broadcast's IPO comprised fresh issue of shares of up to Rs 400 crore and an offer for sale of up to 26.59 lakh scrips by the existing shareholders.

The price band for the offer was fixed at Rs 324-333. The public issue was managed by ICICI Securities.
Music Broadcast has a pan-India presence with radio stations in 37 cities.
For the 6-month period ended September 30, 2016, Music Broadcast registered a total revenue of Rs 138.21 crore and a net profit of Rs 29.76 crore.