The recently concluded public issue of Mid-Day Multimedia Ltd. was oversubscribed 1.6 times the book amount of Rs 45 crore. The institutional portion of the issue, which consists of 60 per cent of the book, was oversubscribed 1.65 times.
The total number of bids received were around 1,000 for about 1.06 crore shares. The applications included individuals, corporate bodies and local financial institutions.
Applications of foreign institutional investors (FIIs), non-resident Indians and overseas corporate bodies were rejected by merchant bankers. This was in line with the assurance given to the Securities and Exchange Board of India by the bankers after the issue got embroiled in a controversy regarding the participation of FIIs and other foreign entities in print-media companies.
The floor price per share, for which applications were received through book building, was pegged at Rs 70. Ninety per cent of the issue was reserved for applications through book building, while the balance was reserved for the fixed-price portion.The total size of the issue was of Rs 50 crore.
Our typical marketing budget is usually 10 per cent of the topline spend
There are some forces impacting the way our business works. The IT/ITeS sector has changed tremendously. Platforms like Twitter have made everyone journalists. Smartphones have made everyone a photographer. The trend that we are seeing is one of hyperdigitalization, which is causing the lines between product and services to blur. For example, <a href=http://www.exchange4media.com/company/news/amaz...
The OOH sector is among the fastest growing, globally. Brands and marketers have realized its potential and impact and begun to craft medium-specific adverts. Self-regulation is not only necessary but also essential to growth of the sector. The industry needs to exercise a certain level of this self-restraint to prove its commitment to maintaining the best standards in advertising.
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