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Music Broadcast Ltd. IPO to open on March 6

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Music Broadcast Ltd. IPO to open on March 6

Music Broadcast Ltd has launched an initial public offering at a price band of Rs 324-333 per equity share.

The offer, of equity shares of face value of Rs 10 each, opens on Monday, March 6 and closes on March 8, 2017.

Bids can be made for a minimum of 45 equity shares and in multiples of 45 equity shares thereafter. 

ICICI Securities is the book running lead manager for the offer. The shares would be listed on the BSE and NSE.

Music Broadcast Limited, promoted by Jagran Prakashan Limited, operates radio stations under the brand Radio City. Radio City is the first private FM radio broadcaster in India. It has grown its presence from four cities in 2001 to 37 cities as on February 15, 2017. These radio stations include Bengaluru, Mumbai, Delhi, Chennai, Pune, Hyderabad, Ahmedabad etc. The company acquired 11 additional radio stations, is present in 12 out of the top 15 cities in India by population.

As on March 31, 2016, its radio stations reached out to over 49.60 million listeners in 23 cities covered, the company said. For the six month period ended on September 30, 2016, Music Broadcast Limited generated a total revenue of Rs 1,382.13 million (Rs 138.2 crore).

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