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DB Corp's IPO price band at Rs 185-212

10 Dec 09 | Financial Chronicle

NEWSPAPER publisher DB Corp on Wednesday fixed a price band of Rs 185-212 per share for its initial public offering(IPO) of about 1.82 crore shares.

At the upper band of Rs 212, the company intends to mop up about Rs 385 crore from the initial share sale offer, which will constitutes 10.01 per cent of the post issue capital of the media firm. The issue will open for subscription on December 11 and close on December 15.

DB Corp's IPO consist of a fresh issue of 1.27 crore shares by the company and an offer for sale of 54.50 lakhs shares by Cliffrose Investment, an affiliate of private equity firm Warburg Pincus.

Cliffrose Investment had picked up 7 per cent stake in CB Corp in 2006 from the promoters and its stake will come down to its stake will come down to 3 per cent post IPO.

DB Corp will give Rs 2 per share discount to retail investors on the final issue price, it said. Application made by individual investors up to Rs 1 lakh during an IPO fall under the retail category.

DB Corp publishes seven newspapers and has presence in 12 states of India. The company's flagship dailies are Dainik Bhaskar, Divya Bhaskar and Saurashtra Samachar.

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