 "Music Broadcast")
The Rs 488-crore initial public offering (IPO) of Music Broadcast garnered 39 times subscription. The institutional investor segment of the IPO was subscribed 40.4 times; high net worth individual (HNI) portion was subscribed 111.6 times; and retail segment was subscribed 9.4 times. The issue saw nearly 850,000 applications and generated demand worth Rs 13,600 crore. Music Broadcast is one of the oldest private FM broadcaster in the country. It operates 37 FM radio stations under the brand 'Radio City' and 'Radio Mantra'.
Music Broadcast will raise Rs 400 crore in the IPO, which will be used to mainly repay its debt.
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