FM Radio City station, which operates through the Music Broadcast Ltd (A Jagran Prakash firm), is going for an IPO as soon as on March 6th, 2017.
When it first became live, it functioned in four cities (in 2001); has been operational now in over 35 cities across India, including metros like Bengaluru, Mumbai, Chennai, Pune, New Delhi, Hyderabad and Ahmedabad and Tier-2 cities as well.
The company has fixed a price band of Rs. 324-333 per share for its initial share sale and it plans to raise up to Rs. 400 crore in primary capital, while existing investors will sell shares worth Rs. 86-88.5 crore through a sale offer which closes on March 8. ICICI Securities Ltd has been hired to manage the IPO job.
Music Broadcast plans to use the proceeds of the share sale to reduce its debt and for general corporate purposes. It is second IPO this year following stock exchange BSE Ltd’s initial share sale last month.
Previously, in 2016, 26 companies raised Rs26,493 crore through IPOs, data from primary market tracker Prime Database shows. The IPO is set to consist a fresh issue of up to Rs 400 crore and an offer for sale of 26,58,518 equity shares.