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Music Broadcast lists at Rs 420, up 26% over issue price

Music Broadcast lists at Rs 420, up 26% over issue price

NEW DELHI: Music Broadcast on Friday saw stellar debut on BSE, as its shares got listed at a 26.13 per cent premium at Rs 420 compared with the issue price of Rs 333 apiece.

The IPO, which was sold between March 6 and March 8, received nearly 8.5 lakh applications and was subscribed 39.67 times. Before this, DB Corp was the last media sector IPO to hit the market in December 2009.

Music Broadcast sold Rs 400 crore worth of fresh shares. Besides, existing shareholders offloaded 26,58,518 shares in an offer for sale (OFS) for Rs 86-88 crore. The broadcaster sold 44.01 lakh shares to 15 anchor investors, including HSBC, Nomura, Franklin India, Morgan Stanley, DSP Blackrock and Reliance Mutual Fund, among others. The anchor portion, which was 30 per cent of the issue size, was allotted at Rs 333 apiece.

The company’s operating revenues and Ebitda grew 18.9 per cent and 32.4 per cent CAGR in FY12-16 to Rs 232.3 crore and Rs 78.6 crore, respectively. For the six months ended September 30, the company generated operating revenues of Rs 136.8 crore and an Ebitda of Rs 45.5 crore.

A Ficci-KPMG report suggested that radio players are exploring non-traditional avenues such as live concerts, award shows and reality shows for revenue generation.

 

Source: Economic Times

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