Hindustan Media Venture to launch IPO on July 5

Hindustan Media Ventures, the Hindi news business of HT Media, which filed for an initial public offering (IPO) on March 5, is all set to launch its Rs 2.7 billion IPO on July 5.

The IPO will remain open from July 5-7 and the publisher of the Hindi daily, Hindustan, hopes to raise Rs 270 crore from the offer.

The company is yet to decide the price band of the issue; however, it is expected to be finalised two days prior to the issue opening.

Hindustan Media Ventures, promoted by HT Media, filed a Draft Red Herring Prospectus (DRHP) with SEBI earlier this year. Its proposed initial public offering is of equity shares of Rs 10 each for cash at a price including share premium.

The company has appointed Edelweiss Capital and Kotak Mahindra Capital as book running lead managers for the issue. Karvy Computershare is the registrar to the issue. The money raised from the IPO will be used for the expansion of the brand.

The issue has been graded as four out of a five point scale by CRISIL.