The stock of Bright Outdoor Media Ltd. is scheduled for listing on the BSE SME platform on March 24, 2023 after success of the Initial Public Offering (IPO).
The ₹55.48-crore public issue of the company, engaged in the business of providing advertising media services consisting Out of Home (OOH) media services, was subscribed 1.27 times despite volatile market conditions.
Yogesh Lakhani, Chairman and Managing Director, Bright Media Outdoor Ltd. said, “We are hopeful that after the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality services.”
Funds raised through the issue will be used to for prepayment/repayment of certain borrowings, purchase of LED hoardings, funding working capital requirements and general corporate purposes.
The IPO comprises a fresh issue of 38 lakh equity shares at a price of ₹146 per share. Post-IPO the promoter group holding will be 72.72%.
