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Radio City IPO oversubscribed 2.19 times on Day 2

MUMBAI:  Driven by strong retail demand, the initial public offering (IPO) of Music Broadcast Ltd, a Jagran group firm that runs FM radio stations under the Radio City brand name, was oversubscribed 2.19 times on the second day of the issue.

The IPO received bids for 2,29,35,240 shares against the total issue size of 1,04,80,784 shares, according to data available with the NSE till 5 pm on Tuesday.

The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 1.06 times, while that of non institutional investors 24%.

The portion reserved for retail investors was oversubscribed 3.66 times.

As reported earlier, MBL raised Rs146.5 crore from anchor investors ahead of its IPO. Shares were allotted to anchor investors at the upper price band of Rs 333 per share. Investors who participated in the anchor allotment include HSBC Indian Equity, Nomura, Franklin Templeton, DSP Blackrock, Reliance Capital, ICICI Prudential, HDFC Standard Life Insurance and Birla Sun Life Insurance, among others.

MBL has fixed the price band of its IPO at Rs 324 per share at the lower end and Rs 333 at the upper end. The issue, which began on 6 March, closes on 8 March.

MBL will be the second radio operator in India to go for an IPO. The company will be able to raise Rs 400 crore through the IPO at the upper price band. The IPO will fetch Rs 389 crore at the lower end of the price band.

The size of the issue is 14.67 million shares, out of which existing shareholders will sell about 2.66 million. The issue will reflect a dilution of 25.71% stake on post-offer equity capital.

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