MidValley Entertainment IPO subscribed 4.03 times

The initial public offering (IPO) of MidValley Entertainment has been subscribed 4.03 times. The issue got total bids for over 37,776,655 shares as against 9,375,000 shares on offer, as per the data available with the National Stock Exchange. The IPO began on Jan 10 and closed on Jan 12. The book running lead managers to the issue is Aryaman Financial Services Ltd. The QIB portion was subscribed 0.35 times, while HNI was subscribed 4.68 times and Retail portion was subscribed 9.01 times. The company plans to raise Rs 600mn through an IPO and the proceed from the issue would to used for production of three south Indian movies; for distribution of south Indian, Bollywood and Hollywood movies; for acquisition of cinema theatres on lease and up gradation of cinema halls with digital equipments and other assets. "We plan to spend ~Rs 250mn for modernisation and renovation of cinema infrastructure with digital equipment and other related assets for select 100 screens in south India; Rs 120mn is planned for acquisition of similar business activities and ~Rs 150mn for screening agreements with 300 cinema theatres in Tamil Nadu, Andhra Pradesh and Karnataka," said Datuk K. Ketheeswaran.