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Deccan Chronicle IPO oversubscribed 1.82 times on Day 1

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MUMBAI: The initial public offer (IPO) of Deccan Chronicle Holdings Limited, publishers of the English broadsheet newspaper Deccan Chronicle, opened today to a positive response from the capital markets. The 8.01 million shares on offer were oversubscribed more than 1.82 times by the end of the first day.

The public issue offer for ownership of India's first listed broadsheet newspaper is slated to close on 2 December. The final share allocation and pricing will be determined through the book-building route, the company has determined the price band as being between Rs 162 and Rs 194. At this price, the IPO is expected to yield between Rs 1.3 billion and Rs 1.55 billion.

Deccan Chronicle Holdings Limited has appointed ICICI Securities Limited as the lead managers to the issue. The issue constitutes approximately 20 per cent of the fully diluted post offer paid-up capital assuming that the green shoe option is not exercised, and approximately 22 per cent assuming that the green shoe option is exercised in full.

Deccan Chronicle is the largest circulated and read English newspaper in Andhra Pradesh. The capital raised by the IPO will be used for financing new printing facilities, and for venturing into new territories and future strategic initiatives & acquisitions. The company has announced that it will be launching Deccan Chronicle in Tamil Nadu shortly.

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