Regulators

Music Broadcast plans IPO; to make buys

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MUMBAI: Music Broadcast Private Limited, which operates one of the leading FM radio stations -- Radio City -- is planning to list. It is preparing to bring out a public offer of over Rs 500 crore comprising a fresh issue of Rs 400 crore and an offer for sale of 26.59 lakh equity shares by the promoters’ family.

The proceeds from the issue will be utilised to retire debt of around Rs 150 crore, and the remainder to create a “war chest” for future acquisitions.

Radio City 91.1 FM brand has been synonymous with the category since inception in 2001. Innovative programming and marketing initiatives have helped Radio City pioneer FM in India. In phase III auction, the network expanded its footprint by efficiently adding 11 new markets after carefully selecting towns with greater SEC AB population. With the addition of the new towns and addition of Radio Mantra towns, Radio City reaches to 39 most important towns of India dominating the most important advertiser markets. The first FM station will be launching internet radio streams in India with 30 stations and counting

Music Broadcast promoter Jagran Prakashan CFO R. K. Agarwal said that they already filed the DRHP and post-regulatory approvals, and intend to hit the capital market. Most of the funds would be used to strengthen the capital structure so that a war chest was created to acquire more radio stations as and when opportunity arose, he added.

Agrawal said it sees a lot of opportunities in radio as its business has been expanding at a CAGR of 15-16 per cent for several years, and has been operating at a margin of 33 per cent.

Music Broadcast director Apurva Purohit said that the radio sector was the youngest in M&E but was growing fast. Radio's share in the media and entertainment industry pie was only four per cent of the total advertisement market size due to the tardy pace of regulation, which otherwise could have been as high as 12 per cent.

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