Music Broadcast Limited announces launch of Public Offer

28 Feb,2017

By A Correspondent


Music Broadcast Limited, the company that runs the Radio City FM station network, is coming up with an initial public offer of equity shares of face value of Rs 10 each for cash at a premium. It is scheduled to open on Monday, March 6 and will close on Wednesday, March 8, 2017. The price band for the offer is fixed from Rs 324 to Rs 333 per equity share.


Music Broadcast Limited is promoted by Jagran Prakashan Limited (better know as the Dainik Jagran group). Radio City is the first private FM radio broadcaster in India having grown presence from four cities in 2001 to 37 cities today. These radio stations include Bengaluru, Mumbai, Delhi, Chennai, Pune, Hyderabad, Ahmedabad etc. which were existing stations. The company has acquired 11 additional radio stations under the Phase III policy.In addition to presence in 37 cities, the company has a sales alliance with ITM Software & Entertainment Private Limited which operates Suno Lemon 91.9 FM in Gwalior and Ananda Offset Private Limited which operates Friends 91.9 FMin Kolkata. It also operates 40 online web radio stations in eight languages on its web portal


For the six-month period ended on September 30, 2016, Music Broadcast Limited generated a total revenue of Rs 1,382.13 million, EBITDA of Rs 455.09 million and net profit/ after tax as restated for the period of Rs 297.56 million. For the fiscal year ended March 31, 2016, it generated a total revenue of Rs 2,455.06 million, EBITDA of Rs 785.87 million and net profit/ (loss) after tax as restated for the year of Rs 425.07 million. Company’s total revenue, EBITDA, net profit/(loss) after tax, grew at a CAGR of 20.45%, 32.40% and 54.09%, respectively between Fiscal 2013 and Fiscal 2016.


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