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Journalism of Courage
Hindustan Media Ventures Ltd,the publisher of Hindi daily ‘Hindustan’,today fixed the issue price of its initial public offer at Rs 166 per share.
At the issue price,the media house garnered a total of about Rs 270 crore by offering 1.62 crore equity shares of Rs 10 each.
The issue,held between July 5 and July 7,was oversubscribed 5.43 times.
The initial public offer of Hindustan Media Ventures Ltd (HMVL) was priced in the range of Rs 162-175 per share.
After a relatively slow response in the first two days of the issue,the offer attracted heavy participation from investors on the final day.
A 98.85 percent subsidiary of HT Media,the company behind Hindustan Times and Mint,Hindustan Media Ventures publishes the third-largest Hindi daily Hindustan — with a readership of 9.9 million (as per IRS 1,2010). It also publishes two Hindi magazines,Nandan and Kadambini. Shares of HT Media were quoting at Rs 156.35,up 1.20 per cent in the mid-session trade on the Bombay Stock Exchange.
Edelweiss Capital and Kotak Mahindra Capital are the book-running lead managers to the issue.
