Music Broadcast shares jump on market debut

Source: The Hitavada      Date: 18 Mar 2017 09:40:55


NEW DELHI,

Mar 17,

(PTI),

MUSIC Broadcast, the Jagran Group firm that runs Radio City FM channel, on Friday made a strong debut with its shares listing at Rs 420, a 26 per cent premium to the issue price. The shares opened on the BSE at Rs 420 apiece, compared with the initial public offering price of Rs 333. During the intra-day trade, the stock had touched a low of Rs 368 before settling at Rs 373.15. On the National Stock Exchange, the stock debuted at Rs 413, up 24 per cent over the issue price. However, after paring initial gains, it settled at Rs 372.

The strong start comes after Music Broadcast’s IPO was subscribed more than 39 times earlier this month. It was the first initial public offering by a radio channel in 11 years The IPO comprised fresh issue of shares of upto Rs 400 crore and an offer for sale of upto 26.59 lakh scrips by existing shareholders.