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|
|
| Company |
Mid-Day Multimedia Limited |
| Market Price |
Unlisted |
| Lead manager |
IL&FS Merchant Banking, Triumph International Finance |
| Listing At |
BSE, NSE
|
| Opening/Closing |
Book bldg: Februrary 12-16; Public issue: March 3-12 |
| Promoters |
- |
| Associate Co. |
Mid-Day Cyberworks Pvt Ltd, Radio Mid-Day West (India) Ltd, Mid-Day Radio North (India) Ltd, Mid-Day Broadcasting South (India) Ltd, Radio Marketing Services (India) Ltd, M. C. Media Ltd, Mid-Day Outdoor Ltd. |
| Managing Director |
Tariq Ansari
|
| Post-issue stake |
Around 70%
|
| Issue |
|
| Size |
Rs 500 million
|
| Price |
Floor price Rs 70
|
| On Application |
Book bldg: Minimum 1050 shares, Retail: Minimum 50 shares |
| On Allotment |
— |
| Objective |
Invest in publishing, Outdoor, Internet, enabling and support services. Repay unsecured interest-free loans taken from promoters |
| Business |
|
| Present |
Printing and publishing Mid-Day, Inquilab, outdoor advertising, radio (presently not operational)
|
| Proposed Project
|
Upgrade infrastructure, promotional campaigns to increase readership, develop the portal, fund proposed call centre facilities, GIS Mapping services, logistics infrastructure |
| Location |
Bombay
|
| Project cost |
Rs.657.70 million
|
| Funded by |
Public issue (76%), interest-free loan from promoters (18%), term loan & internal accruals
|
| Kensource projections |
(2001) |
| Sales |
Rs 1427 million |
| Profit |
Rs 186 million
|
| Earnings per share |
Rs.4.60
|
| Forward P/E |
15 |
| Post-issue equity |
Rs 770 million |
| Return on net worth |
15%
|
| Comment |
Going public to partly recover dotcom losses. 21% of the issue money goes into non-revenue yielding Internet business, 24% will go back to repay promoters' loans and another 21% into working capital. Rs 230 million will go towards 'upgrading infrastructure'. Marathi Mid-Day will face tough competition. A messy story. |
| Rating *
|
E
|
* A=Subscribe & Hold; B = Subscribe & Watch; C=Subscribe & Sell; D = Avoid; E = Buy post-listing
By Kensource Information Services Pvt Ltd.
Money
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