Mumbai: The Initial Public Offer of the fastest growing news channel in the English language news space, Global Broadcast News Ltd has been subscribed 59 per cent in the first couple of hours of its opening.
GBN IPO (that owns news channel CNN-IBN) has been subscribed 0.59 times receiving 26.74 lakh bids for its offer of 45.65 lakh equity shares, according to latest information available on the stock exchanges at mid-day.
The price band for the issue is fixed at Rs 230 to Rs 250 per share. The issue will close on January 18, 2007. GBN is part of the TV18 group, which owns and operates some of the country's leading business channels and internet portals.
The book running lead managers to the issue are ICICI Securities and Kotak Mahindra Capital Company. The co-book running lead managers to the issue are JM Morgan Stanley and IL&FS Investsmart.
The money will be used to meet the company's growth plans and to complete the acquisition of Hindi channel IBN-7.
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