GBN`s Rs 1050 mn IPO subscribed 0.96 times on second day

Global Broadcast News`s Rs 1,050 million initial public offering (IPO) was subscribed 0.96 times on first day of the issue on both the exchanges. A total of 4,371,950 bids were received at different prices, whereas 453,875 bids were received at cut of price. The price band for the issue is Rs 230 to Rs 250 and the issue closes Jan. 18, 2007.

The qualified-institutional investors have subscribed 1.02 times and received 2,672,800 bids as against 2,608,695 shares reserved for it. The non-institutional investors have subscribed 2.76 times and received 1,201,025 shares as against 434,783 shares reserved for it. The retail-individual investors have subscribed 0.38 times and received 498,125 shares as against 1,304,348 shares reserved for it.

Global Broadcast News operates a 24-hour English news and current affairs channel, ‘CNN-IBN’. CNN-IBN, launched in Dec. 2005, has become one of India’s leading English news channels. For the five weeks ended Dec. 2, 2006, it led the English news genre with an average weekly market share of 37.55%, according to TAM viewership data.