Hindustan Media Ventures IPO Gets Good Response Subscribed 5 43 Times (08-Jul-2010)
Hindustan Media Ventures (HMVL) IPO has received strong response on the last day of subscription. The issue was subscribed 5.43 times and out of the total issue size of 13820975 the company has received bids for 75083240 equity shares, of which 4316320 bids were received at the cut-off price as per the data available on the NSE.
Subscription for HMVL's IPO - the third media listing this year after Hathway Cable and Datacom and DB Corp -- opened on Monday but gained momentum only on the last day.
The company will utilize Rs 135-crore or half of the funds raised, for prepayment of loans, Rs 66-crore for setting-up new units and another Rs 55-crore for upgrades.
HMVL was carved out of HTML as a separate company four months ago. HTML publishes leading English dailies like Hindustan Times and Mint, while Hindustan is a market leader in Jharkhand and Bihar, second in the National Capital Region and is picking up in the lucrative Uttar Pradesh and Uttarakhand markets.
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