Hindustan Media Ventures IPO ends with 5.43 times subscription

Gets bids for 7.5 crore shares

The initial public offer (IPO) of Hindustan Media Ventures (HMVL), the publisher of Hindi daily Hindustan, was subscribed 5.43 times. The IPO got bids for 7.50 crore shares compared with 1.38 crore shares on offer.



The qualified institutional buyers (QIBs) category was subscribed 8.98 times, the non institutional investors category was subscribed 3.39 times and the retail investors category was subscribed one time.

HMVL had set the IPO price band at Rs 162-175 per share. The issue opened for bidding on 5 July 2010.

On 2 July 2010, HMVL raised Rs 46.10 crore from allotment of 27.77 lakh shares at Rs 166 per equity share to seven anchor investors. Reliance Capital Trustee Company bought a major chunk comprising of 8,43,360 equity shares, or 30.38% of the portion reserved for anchor investors.

HMVL is a subsidiary of HT Media, the publisher of leading English dailies the Hindustan Times and Mint. The company intends to utilise the IPO proceed for its expansion plans.