Jagran Prakashan’s music broadcast subsidiary coming up with an IPO
DSIJ Intelligence / 25 Nov 2016
The board of directors of Music Broadcast Ltd (MBL), subsidiary of Jagran Prakashan (JPL) has approved an initial public offer (IPO).
The board of directors of Music Broadcast Ltd (MBL), subsidiary of Jagran Prakashan (JPL) has approved an initial public offer (IPO). The company has plans to raise upto Rs 400 crore through this IPO. MBL operates the popular Radio City FM stations.
MBL has sent a letter of transmittal to its shareholders seeking their participation in the offer for sale portion of the IPO.
On the financial front, JPL has earned about 9.13 per cent of its total revenue amounting to Rs 192.35 crore in FY16 from its FM Radio business. The company’s FM Radio business has also witnessed EBITDA of Rs 54.41 in FY16.
IPOs worth about Rs 24500 crore have hit the capital markets in 2016. There are about seven IPOs amounting to Rs 2500 crore pending with market regulator Securities & Exchange Board of India (SEBI).
MBL operates about 39 stations catering to more than 4.5 crore listeners. The company includes 11 stations acquired in Phase III auctions and includes Mantra markets, Radio City markets in Maharashtra in Mumbai, Pune, Nagpur, Kolhapur, Nashik, Ahmednagar, Solhapur, Akola, Jalgaon, Nanded & Sangli.
The share price of Jagran Prakashan increased by 6.2 per cent on bourses in early trades; and is trading at Rs 173.2 on an intraday basis.
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