Bright Outdoor Media’s public issue oversubscribed 1.27 times
Shares of the company will be listed on BSE SME Platform on March 24
Bright Outdoor Media Ltd, engaged in the business of providing Out of Home (OOH) media services, has received an overwhelming response for its Rs 55.48-crore public issue.
The public issue was successfully oversubscribed 1.27 times despite volatile market conditions. While the retail category saw 1.15 times subscription, the NII category received bids 1.39 times of the quote, the company shared.
Shares of the company will be listed on BSE SME Platform on March 24.
Sharing more details, Yogesh Lakhani, Chairman and Managing Director, Bright Media Outdoor Ltd 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%.
