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The initial public offer (IPO) for the Hindustan Media Ventures Ltd (HMVL) received lukewarm response on the first day of issue.

According to the data available on National Stock Exchange (NSE), the IPO got bids for just 45600 shares with only Retail Buyers making the bid. The issue remained unsubscribed in the other categories.

The issue of HMVL is offering 1.38 crore equity shares for subscription. Of these 7181737 shares are reserved for the Qualified Institutional Buyers, 1659809 for Non Institutional Investors and the remaining 4979429 shares for the Retail Individual Investors.

Taking into consideration the bid received for the issue the IPO has thus been subscribed 1% according to NSE.

HMVL seeks to raise Rs 270 crore from the public offering wherein the IPO has been priced between Rs 162 to Rs 270. The Company would utilise the proceeds for expansion, upgrade and prepayment of loan.

Edelweiss Capital and Kotak Mahindra Capital Company are book running lead managers to the issue.

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