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The initial public offer for the Hindustan Media Ventures Ltd (HMVL) concluded yesterday, July 7, 2010, receiving good response on the final day.

On closing, as per data with NSE, the issue was subscribed 5.23 times. Out of 1.38 crore shares put on offer for subscription, the IPO got bids for 7.50 crore shares.

The associate organisation of HT Media Ltd holding the Hindi business of the Group, HMVL entered the capital market on July 5, 2010, with a public issue of equity shares of Rs. 10 each. The price band for IPO was fixed at Rs 162-175 per share.

Among the portion reserved for qualified institutional buyers (QIB), which includes Mutual Funds, Foreign Institutional Investors and insurance firms, the issue generated demands for 8.98 times. Under the non-institutional investors’ category (HNIs), the issue was subscribed for 3.39 times and the retail buyers subscribed one time.

HMVL sought to garner Rs 270 crore of funds from the IPO which it plans to utilise for expansion, upgradation of existing units and pre-payment of its loans. HT Media holds 98.85% stake in HMVL.

Prior to opening of the IPO, HMVL received commitment of Rs 46.10 crore from allotment of 27.77 lakh shares at Rs 166 per equity share to seven anchor investors.

The book running lead managers to the issue are Edelweiss Capital Ltd and Kotak Mahindra Capital Co Ltd.