HT Media Ventures, the Hindi news business of HT Media, filed for an initial public offering (IPO) on Friday, March 05.
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In November last year, HT Media hived off its Hindi news business; as per the de-merger, HT Media offloaded its Hindi daily, Hindustan, along with two Hindi magazines, Nandan and Kadambini, to Hindustan Media Ventures. The hive-off also included the web portals of the three brands.
Earlier, HT Media had approved the sale or transfer of the Hindi business undertaking on the book value, as on November 30, 2009, for a lump-sum cash consideration of Rs 149 crore, including networking capital of Rs 24 crore.
The Hindi business of the group contributes to a third of the total revenue of HT Media's publications put together. The group's vernacular business has witnessed growth of 25-30 per cent, and the company is hopeful that the number would grow further.
The day HT announced the RHP, HT Media's stock were up by Rs 2.35, closing at Rs 147.90, a 1.61 per cent jump. The stock hit an intra-day high of Rs 150 and low of Rs 145.10.
For the record, HT Media owns the English newspaper, Hindustan Times and the financial daily, Mint, apart from the four FM radio stations and a job portal.