DB Corp, the publisher of Dainik Bhaskar, has planned to enter the capital markets with its initial public offer (IPO), which is expected in the second week of December. The offer constitutes 10 per cent of the fully diluted post-issue capital of the company.
When contacted, company officials refused to the valuations for the IPO, however, a section of the media has reported that DB Corp plans to raise around Rs 450 crore through this IPO.
It is also learnt that DB Corp is planning to expand to new markets in the next two years and would focus on Tier II and III cities. Most of the IPO proceeds would be used to set up publishing units in new markets and further expansions.
DB Corp publishes seven newspapers, 48 newspaper editions and 128 sub-editions in three languages (Hindi, Gujarati and English) in 11 states in India.
It may be recalled that in August this year, the company had filed the draft red herring prospectus with the Securities and Exchange Board of India (SEBI).