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GBN issue oversubscribed nearly 49 times

20-January-2007
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GBN issue oversubscribed nearly 49 times

The initial public offering (IPO) of Global Broadcast News (GBN), owners and operators of CNN-IBN, which closed on January 18, was heavily oversubscribed. As per the NSE website, the issue was oversubscribed 48.74 times. 45.65 lakh issues received more than 22.25 crore bids, while over 5.40 crore bids were received at cut off price.

The company entered the capital market with an IPO of equity shares aggregating up to Rs 105 crore. The price band for the issue was Rs 230 to Rs 250 per share.

Qualified institutional buyers subscribed 37.26 times, while non-institutional investors subscribed 170.40 times. Retail individual investors subscribed 42.76 times, while the employee reservation was 3.08.

Out of the total issue Rs 105 crore, equity shares aggregating up to Rs 5 crore are being reserved for allotment to eligible employees of the company. The net offer to public would aggregate up to Rs 100 crore. Of this, at least 60 per cent would be allocated on a proportionate basis to qualified institutional bidders – 5 per cent of this would be available for allocation on a proportionate basis to mutual funds only.

Further, up to 10 per cent of the net issue would be available for allocation on a proportionate basis to non-institutional bidders and up to 30 per cent of the net issue would be available for allocation on a proportionate basis to retail individual bidders.

The book running lead managers to the issue are ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd. The co-book running lead managers to the issue are JM Morgan Stanley Pvt Ltd and IL&FS Investsmart Ltd.

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