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Hindustan Media Ventures Ltd (HMVL), a subsidiary of HT Media, has fixed the issue price of its Initial Public Offer (IPO) at Rs 166 per share, as per a report with PTI.

At this issue price HMVL has raked in around Rs 270 crore of funds against an offer of 1.62 crore equity shares of Rs 10 each. Edelweiss Capital and Kotak Mahindra Capital Company are the book running lead managers to the issue.

HMVL is a subsidiary of HT Media which holds the Hindi publication business of the Group. It encompasses the Hindi daily ‘Hindustan’, Hindi magazines ‘Nandan’ & ‘Kadambini’ and the internet portals of the respective publications.

The Company floated its IPO from July5-July 7 which was oversubscribed 5.43 times. The response was lukewarm on the first two days, while the subscription activity witnessed rapid surge on the last day of the IPO.

HMVL would utilise the proceeds from the IPO for the expansion of the business of the company in new markets as well as upgrading the current operations.

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