Tuesday, December 07, 2004
Deccan Chronicle's IPO a success
The initial public offer (IPO) of Deccan Chronicle Holdings, received a tremendous response from the market and was oversubscribed more than 7.7 times. SBI Mutual Fund, State Bank of India, Pru ICICI Mutual Fund, Reliance Mutual Fund, Sundaram Mutual Fund and Punjab National Bank are reported to be among the biggest bidders. The IPO is expected to yield between Rs 130 crore and Rs 155 crore for the company, as it comprised 8,013,100 equity shares, priced at Rs 162 to Rs 194 a share. Deccan Chronicle is an English daily and ranks among the market leaders in Andhra Pradesh. The capital raised is planned to be used for financing new printing facilities, and venturing into new territories and future strategic initiatives and acquisitions.