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Music Broadcast Ltd IPO (Radio City IPO) Prospectus
What Are Analysts Saying?
Music Broadcast IPO: Subscribe to the issue with long term perspective - SPA Securities
SPA Securities, 06 Mar 2017
According to SPA Securities, at the upper end of the price band, the stock will trade at PE multiple of 25.3x based on FY17E earnings. Addition of new stations in MBL\'s portfolio will drive its topline and bottomline going forward.
Music Broadcast IPO: Issue looks reasonably priced; Hem Securities recommend to 'Subscribe'
Hem Securities, 06 Mar 2017
According to Hem Securities, at price band of Rs 324-333, p/e multiple will turn out to be 31-32 on post issue annualized H1FY17 EPS of Rs 10.43/share of company. We recommend a \'Subscribe\' on the issue.
Jainam recommend to 'Subscribe' to the Music Broadcast Ltd IPO
Jainam Research, 06 Mar 2017
According to Jainam Research, the issue is available at cheap valuation of 34x at P/E at upper price band. Besides, Music Broadcast is backed with presence in 29 cities, 39 radio stations, 50 million listenership, and competitive innovative content programming.
Music Broadcast IPO Note: Nirmal Bang recommend subscribing to this issue
Nirmal Bang, 03 Mar 2017
Over FY12- FY16 the company sales has grown at a CAGR of 17.4% however Ebitda has grown at a CAGR of 31.9%. In FY12, the company has reported a loss of Rs 2.17cr, however from FY13-16 the company has continuously reported profits.
Music Broadcast IPO: Investors with long term investor horizon can 'Subscribe' to the issue
Way2wealth, 03 Mar 2017
According to Way2wealth, we believe the debt reduction will help the company maintain a healthy debt to equity mix (preferably at ~1x). We advise investors with a long term investor horizon to SUBSCRIBE this issue.
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Issue Details
Open Date: 06 Mar 17
Close Date: 08 Mar 17
Offer Price: Rs. 324
Issue Size: Rs. 400 Cr
Min Application Amount:
Rs. 14580
Min bid (No. of shares): 45
Listing Exchanges: BSE, NSE
About the Company
"Incorporated in 1999, Music Broadcast Limited is the first private FM radio broadcaster in India operates under the brand name Radio City. The company operated its radio stations in 29 cities in India as of November 25, 2016. They are present in 12 out of the top 15 cities in India by population.

Music Broadcast Limited operates as a subsidiary of Jagran Prakashan Limited. Radio stations deliver film, non-film, devotional, regional, and international music, as well as radio jockey (RJ) hosted shows in Hindi, Tamil, Kannada, Malayalam, and Telugu languages. It also operates 31 Web radio stations that offer Internet radio with live RJ hosted shows through Planet Radio City in 6 languages with a listenership of 12.20 million. In addition, Music Broadcast Limited operates 'Planet Radio City' mobile app that plays various stations, such as 'Radio City Freedom', 'Radio City Electronica', 'Radio City Metal', and 'Radio City Smaran' in various languages on mobile and other smart devices."
Objective of the Issue
"The object of the issue are to:

1. Redemption of Listed NCDs;
2. Early redemption of the JPL NCDs and repayment / pre-payment of JPL ICDs;and
3. General corporate purposes."
Subscription Details
Investor Category No of times
Qualified Institutional Investor -
Non Institutional Investor -
Retail Investor -
Total -