Bright Outdoor Media’s Public Issue Of Rs 55.48 Cr Receives Overwhelming Response

The public issue of Bright Outdoor Media, engaged in the business of providing advertising media services consisting of Out of Home (OOH) media services received overwhelming responses for its Rs 55.48 crore public issue. 

The public issue was successfully oversubscribed 1.27 times despite volatile market conditions. 

The retail category saw 1.15 times subscription for the public issue while the NII category received bids for 1.39 times the quote. 

Shares of the company will be listed on the BSE SME Platform on 24 March. 

Sharing more details, Yogesh Lakhani, Chairman and Managing Director, of Bright Media Outdoorsaid, “We want to thank all our investors who have put their trust in our public issue. We are hopeful that after the proposed public issue, we will be able to execute our growth strategy to create exponential value for all stakeholders while consistently delivering quality services.”

Funds raised through the issue will be used for prepayment and repayment of certain borrowings, purchase of LED hoardings, funding working capital requirements and general corporate purposes.

The initial public offering comprises a fresh issue of 38 lakh equity shares of face value Rs 10 each at a price of Rs 146 per share (including a premium of Rs 136 per equity share) aggregating up to Rs 55.48 crore. The minimum lot size for the application is 1,000 shares which translate into Rs. 1.46 lakh per application. 

Promoters and Promoters Group holds a 99.99 per cent stake in the company. Post-IPO promoter group holding will be 72.72 per cent.