Music Broadcast shares hit the right note on it’s listing date with an impressive 24% premium. It opened at Rs 413 at the Opening Bell on Friday, up 24 percent over issue price of Rs 333.
The stock is currently trading at Rs 377.70 on the NSE, up around 14 odd percent over issue price after hitting an intraday high of Rs 420 and low of Rs 368.
RK Agarwal, CFO of Jagran Prakashan also claimed that the a 40% margin could be expected from the share, he said in an interview. “We will pare debt worth Rs 150 crore on immediate basis through fresh issue proceeds and we don’t have any major capex plan for the near-term,” he said.
The 3-day long IPO which commenced on March6 received it’s final applications on March 8. The IPO was oversubscribed 39 times and signalled an ornamental opening. The speculation were right, indeed! Bidders could book a profit of Rs 3600, if sold immediately after opening.
The IPO raised a fresh issue of shares up to Rs 400 crore and an offer for sale (OFS) of up to 26.59 lakh shares. As per the Red Herring Prospectus (RHP) filed with SEBI, the operator of FM channel Radio City will use fresh issue proceeds for redemption of listed non-convertible debentures.
2017 will be year loaded with stellar IPO’s of companies and stock exchanges which enjoy unabated repute in the market. D-Mart is gearing up for it’s anticipated massive opening on March 20, however shares still remain to be allotted. There was a robust response from the QIB’s and HNI’s towards this IPO. Thanks to the Big names associated with the stock, namely Radhakishan Damani and his reported student Rakesh Jhunjhunwala, whose moves and investments are closely watched by all market players.
CDSL, NSE, Go Air, SBI Life Insurance , Vodafone are some of the major stocks which are lined up for an IPO procedure, and has already garnered extensive popularity and frenzy around in the market.
