Press Trust of India / New Delhi Jul 07, 2010, 15:48 IST
The Rs 270-crore public offering of media house Hindustan Media Ventures Ltd (HMVL) saw heavy participation from investors on the final day of issue today and got oversubscribed 3.16 times, hours before its closing.
The initial public offer (IPO) of HMVL got total bids for over 4.36 crore shares, of a total of 1.38 crore equities on the offer for public, thereby getting subscribed 2.5 times, data till 1500 hrs with the National Stock Exchange showed.
Final bid figures of the IPO will be available after the closing of issue in evening.
HMVL, the publisher of Hindi daily 'Hindustan', has entered into the capital market with its IPO priced between Rs 162 and Rs 175 per share. The offer opened on July 5.
The firm plans to raise Rs 270 crore through the IPO, and the proceeds will be utilised for expansion and pre-payment of debt.
HMVL is a 98.85 per cent subsidiary of HT Media Ltd, the publisher of English dailies the 'Hindustan Times' and 'Mint'.
HMVL prints and publishes the third largest Hindi newspaper daily 'Hindustan' with a readership of 9.9 million (as per IRS Q1, 2010).
The company also publishes two Hindi magazines -- Nandan and Kadambini.
The IPO is based on a 100 per cent book building process, and shares offered through the issue are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.
Edelweiss Capital and Kotak Mahindra Capital Company are the book-running lead managers to the issue.
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