IPO News : Radio City operator fixes IPO price band at Rs 324-333 28/02/2017

Radio City operator fixes IPO price band at Rs 324-333
28/02/2017 00:15

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Music Broadcast Ltd, promoted by Jagran Prakashan and which operates radio stations under the brand Radio City, today said it has fixed price band between Rs 324 to Rs 333 per equity share for its forthcoming initial public offer (IPO), reported PTI. The IPO opens on March 6 and closes on March 8. The company is coming out with IPO of equity shares of face value of Rs 10 each for cash at a premium consisting of a fresh issue of up to Rs 400 crore and an offer for sale up to 2,658,518 equity shares by the selling shareholders, a company statement said. Radio City is the first private FM radio broadcaster in the country and has grown from four cities in 2001 to 37 cities as on February 2017. These radio stations include Bengaluru, Mumbai, Delhi, Chennai, Pune, Hyderabad, Ahmedabad etc. Which were existing stations. The company acquired 11 additional radio stations under the Phase III policy. The company 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 by AZ Research. In addition to presence in 37 cities, the company has a sales alliance with ITM Software & Entertainment Private Ltd (ITM) which operates "Suno Lemon 91.9 FM" (Suno Lemon) in Gwalior and Ananda Offset Private Limited ("AOPL") which operates "Friends 91.9 FM" (Friends FM) in Kolkata. It also operates online web radio on its web portal Planet Radio City, which was launched in 2010. It operates 40 web radio stations through planetradiocity.Com in eight languages. The company also has a 'Planet Radio City' mobile app that plays various stations such as 'Radio City Freedom', 'Radio City Electronica', 'Radio City Metal' and 'Radio City Smaran', in various languages, on mobile and other smart devices. The equity shares offered through the Red Herring Prospectus are proposed to be listed on BSE and NSE. The sole Book Running Lead Manager (BRLM) to the Offer is ICICI Securities Ltd.