BENGALURU: The Initial Public Offering of (IPO) of shares of Music Broadcast Limited (MBL), the company that has the Radio City network will commence of 6 March 2017. Besides Radio City the company has a sales alliance with Suno Lemon 91.9 FM and Friends 91.9 FM in Kolkata and 40 web stations in eight languages. The company has grown its presence from four cities in 2001 to 37 cities as of mid-February this year. Under the Phase III Policy, MBL acquired 11 additional radio stations, of which 9 are already operational.

The board of MBL had informed the stock exchanges through its parent and listed company Jagran Prakashan Limited (JPL) about the decision to hold the IPO on 24 November 2016. MBL had a turnover of Rs 240 crores in fiscal 2016 and a net worth of Rs 99.54 crore as per a JPL filing in November 2016.

According to an MBL filing at the bourses, the book building IPO comprises of equity shares of face value of Rs 10 each for cash at a premium consisting of a fresh issue of up to Rs 400 crore and an offer for sale up to 2,658,518 equity shares by the selling shareholders .The offer will close on Wednesday, 8 March 2017. The Price Band for the Offer is fixed from Rs 324 to Rs 333 per equity share. The sole Book Running Lead Manager to the offer is ICICI Securities Limited. The equity shares are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

MBL will be the second radio operator to list on the bourses after Times Group-controlled Entertainment Network India Ltd, which runs Radio Mirchi.