Music Broadcast's stocks gets listed at 26 % premium

The company's shares got listed on the stock exchanges at a premium of 26 per cent from an issue price of Rs 333 to a listed price of Rs 420 on Friday. The IPO with a price band of Rs324-333 per share, was also the first IPO by a radio channel in the past 11 years, received a massive response of over Rs 13,600 crore subscription and over 8.5 lakh applications.   

Music Broadcast Limited, operating radio channels under the names 'Radio City' and 'Radio Mantra',  raised Rs 400 crore in a bid to pares its debts besides funding its expansion plans. Operating about 39 radio stations in six different languages, the company also operates its own online web radio portal 'planetradiocity.com'. 

The listenership of the terrestrial FM stands at 4.9 crore while the radio stations reach out to more than 49.60 million listeners in 23 cities, with the company further focusing on developing more local content to widen its audience reach. While the industry at large is expected to be at CAGR of 16.9 per cent within the time period of 2015 and 2020. 
  
MBL’s total assets stood at Rs 5278 crore as of September, 2016.  The company’s revenue remained at Rs 1382 crore in H1FY17. Its net profit stood at Rs 298 crore in H1FY17.