Music Broadcast, owners of Radio City FM channel, on Friday made a strong listing at the bourses.

Its shares got listed at ₹420 on the BSE, a premium of 26 per cent over the issue price of ₹333.

On the NSE, they opened at ₹413, up 24 per cent. However, the stock turned volatile after listing at a premium. Music Broadcast closed at ₹372.9, and intra-day it touched a high of ₹415 and a low of ₹367.20 on the NSE.

Of the 1.84 crore shares traded on the NSE, 28.5 per cent (or 52.45 lakh shares) were deliverable quantity. On the BSE, 38.14 lakh shares were traded, of which 28.67 per cent shares were for delivery.

Bulk deal data on the NSE reveals that HDFC Life Insurance and HDFC Standard Life Insurance bought about 16.37 lakh shares.

Ahead of the IPO, the company had raised about ₹146.56 crore from anchor investors by allotting 44.01 lakh shares. The anchor investors include HSBC, Nomura, Franklin India, Morgan Stanley, DSP BlackRock, Reliance MF, HDFC MF, Birla Sun Life MF and UTI MF.

The IPO opened for subscription between March 6 and 8 and had received stupendous response from all categories of investors. The IPO, which hit the market in a price band of ₹324-333, was subscribed over 39 times.

Music Broadcast’s IPO comprised a fresh issue of shares worth up to ₹400 crore and an offer-for-sale of up to 26.59 lakh scrips by existing shareholders.

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