Bright Outdoor Media listed on BSE

Bright Outdoor Media Ltd, engaged in the business of providing Out of Home (OOH) media services, was on Friday listed on BSE (SME Exchange).
It is India's first outdoor media company to be listed on the stock exchange.

On the occasion, the company said, “The IPO witnessed the blockbuster listing on the launch day - Friday, 24th March 2023. Share also traded on the upper circuit.”
The bell ringing ceremony was attended by senior political leaders, film actors and other renowned personalities from the corporate world.

Earlier, the company had shared that the Rs 55.48-crore public issue of the company received an overwhelming response. It was oversubscribed 1.27 times despite the volatile market conditions. While the retail category saw 1.15 times subscription, the NII category received bids 1.39 times of the quote.

On the public issue, Yogesh Lakhani, Chairman and Managing Director, Bright Media Outdoor Ltd, had earlier said, "We want to thank all our investor who have put their trust in our public issue. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality services."

Funds raised through the issue will be used to for prepayment/repayment of certain borrowings, purchase of LED hoardings, funding working capital requirements and general corporate purposes, he said.

The initial public offering comprise a fresh issue of 38 lakh equity shares of face value Rs. 10 each at a price of Rs. 146 per share (including a premium of Rs. 136 per equity share) aggregating upto Rs. 55.48 crore. Minimum lot size for the application is 1,000 shares which translates in to Rs. 1.46 lakh per application.
Promoters and Promoters Group holds 99.99% stake in the company. Post-IPO promoter group holding will be 72.72%.