Mumbai (Maharashtra) [India], March 14 (ANI/NewsVoir): Public issue of Bright Outdoor Media Ltd - engaged in the business of providing advertising media services consisting Out of Home (OOH) media services is scheduled to open for subscription on March 14. Company is planning to raise Rs 55.48 crore for prepayment/repayment of certain borrowings, purchase of LED hoardings, funding working capital requirements and general corporate purposes. Last date for subscribing for the public issue is March 17. Shreni Shares Pvt Ltd is the lead manager of the issue. Company's shares will be listed on the BSE SME Exchange Platform.
The initial public offering will comprise a fresh issue of 38 lakh equity shares of face value of Rs 10 each at a price of Rs 146 per share (including a premium of Rs 136 per equity share) aggregating upto Rs 55.48 crore. The minimum lot size for the application is 1,000 shares which translates into Rs 1.46 lakh per application.
Sharing more details, Yogesh Lakhani, Chairman and Managing Director, Bright Media Outdoor Ltd. said, "We are committed to bring excellence to Out-of-Home advertising through product innovation, robust designs, unparalleled services and strategic locations. Our company's striking advertising portfolio includes Billboards, Street furniture, Transit Media, and Ambient. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality services."
Out of the issue proceeds, company will utilize Rs 12.41 crore for repayment/prepayment of certain borrowings, Rs 13.10 crore for the purchase of LED hoardings, Rs 18.26 crore for working capital, and Rs 11.10 cr. for general corporate purposes. Post Issue the share capital of the company will increase to Rs 13.93 crores from Rs 10.13 crore before the public issue. Promoters and Promoters Group holds a 99.99 per cent stake in the company. Post-IPO promoter group holding will be 72.72 per cent.
For FY21-22 company reported revenues of Rs 50.90 crore and Net Profit of Rs 2.59 crore. For 6 months ended, 30 September 2022, company reported revenue of Rs 45.18 crore and Net Profit of Rs 4.20 crore.
Incorporated in 2005, Bright Outdoor Media Limited is engaged in the business of providing advertising services offering advertising media services consisting of Out of Home (OOH) media services. The company's array of service hoardings includes Transfer stickers, Railway boards, Railway panels, Promos, full train, Bus panels, Full Bus painting, Toll Naka, Mobile sign trucks, Kiosks, Traffic Booths, Cinema slides, Gantry and Vinyl. Alongside Out-of-Home (OOH) Advertising and offering novel communication services to clients, the company also engages in offering services assuring multicultural and ethnic Outdoor Advertising campaigns that engage audiences and achieve impact, for every creative need, idea, and budget.
The client domain of Bright Outdoor mainly revolves around corporate clients operating in various business fields viz. Insurance, Financial service providers, Entertainment Industries, Construction, Jewellery, Aviation, Education, Government Organizations, etc. The company has been included in the World Book of Records, 2022 for receiving 2000 felicitations, 5000 awards internationally and owing 1000 clients in the field of entertainment industry, corporate sector and FMCG for 33 years.
This story has been provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
Disclaimer: No Business Standard Journalist was involved in creation of this content