Hindustan Media Ventures Advances 13.8 Percent in Mumbai Trading Debut
Hindustan Media Ventures Ltd., an Indian publisher that sells the Hindi language Hindustan daily, rose 13.8 percent on its trading debut in Mumbai today.
The unit of HT Media Ltd. gained to 188.95 rupees at the close of trading in Mumbai after surging as much as 15.6 percent earlier to 191.90 rupees. Demand at its initial public offer earlier this month exceeded the stock on sale by 5.4 times.
The company, based in New Delhi, raised 2.7 billion rupees ($57 million) selling 16.27 million shares at 166 rupees apiece from the sale as it benefited from rising readership and advertisement spending in an economy the government estimates will expand 8.5 percent this year.
The Hindustan has 9.9 million readers in the Indian states of Bihar, Jharkhand, the national capital region in and surrounding New Delhi, Uttar Pradesh and Uttarakhand. The company plans to use the proceeds to set up eight publishing units aimed at expanding to new areas, according to the offer document.