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Radio City makes strong debut on bourses, shares close 12% up
MUMBAI: Music Broadcast Ltd (MBL), owner of the Radio City FM stations, had a great first day on the bourses with its shares listing at a 26% premium to touch a high of Rs 420 a share.
The scrip subsequently pared some gains to close at Rs 373.15 on the BSE, up 12% from its initial public offering (IPO) price of Rs 333.
MBL, the first media company to list on the bourses in 2017, enjoyed a market cap of Rs 2,129 crore at the end of the day.
After opening and touching a high of Rs 420 a share, the scrip hit a low of Rs 368 on profit-taking. The benchmark BSE Sensex rose 0.21% to close at 29,648.99 points.
MBL’s Rs 488-crore IPO, the second by a radio company in India, was subscribed 39.3 times last week. Times Group-controlled Entertainment Network (India) Ltd, which operates Radio Mirchi FM stations, went for a public float in November 2005.
ENIL, which saw its shares fall 1.13% on Friday, enjoys a market cap of Rs 3,907.54 crore. fell
MBL sold Rs 400 crore worth of fresh shares. The IPO also comprised an offer for sale from existing shareholders for Rs 88 crore.