TVTN IPO ends, oversubscribed 36.26 times

NEW DELHI: TV Today Network Limited (TVTN), India's leading news broadcaster controlling Aaj tak and Headlines Today channels, concluded its IPO on 27 December with the offering being subscribed 36.26 times at a price of Rs. 95 per share.



TVTN had announced a price band of Rs. 80 to Rs. 95 (face value of Rs. five each) for its maiden offering of 14,500,000 shares through the book-building route. In total, the issue mopped up Rs 49000 million as a result of the over-susbcription. Part of this has to be returned to the people who would finally not be allotted shares.

The issue constituted 25 per cent of the fully diluted post issue paid-up capital of the Company. The issue opened on 18 December 2003. The shares will list on the Bombay Stock Exchange and the National Stock Exchange of India next month when the debuting bell will be rung.

According to a company statement, a key highlight of the IPO is that the company has successfully garnered the response from only the domestic investors, which consisted of qualified institutional investors, high net worth individuals and the retail public.

Keeping in mind the strong response that the IPO received from retail investors, TVTN has decided to allocate 30 per cent of the offering to the retail investors category, 25 per cent for the non-institutional investors category and the balance 45 per cent to the qualified institutional investors category.

The issue has been managed by JM Morgan Stanley Pvt. Ltd. as the Book Running Lead Manager, while Kotak Mahindra Capital Company Limited and ICICI Securities Limited were the Co-Book Running Lead Managers.

TV Today Network was the first broadcaster to uplink a 24-hour Hindi news channel from India. It launched Aaj Tak in December 2000. This was followed by the launch of Headlines Today, a 24-hour English news channel in March 2003. With viewership of approximately 22.7 million viewers, as per TAM viewership data for week ended 15 November 2003, it has effectively created a platform of a large audience for the advertisers to reach their target grouop.

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