DB Corporation, publishers of Dainik Bhaskar, will enter the primary market on Friday with public issue of 18,175,000 shares of face value Rs 10 each.

The company has fixed the price band of the initial public offering at Rs 185-212 per share. At the upper band of the IPO, the company will raise around Rs Rs 385 crore. The IPO closes December 15.

DB Corporation plans to use the proceeds for setting up new publishing units; upgrading existing plant and machinery; enhancing brand image through sales and marketing, reducing existing working capital loans and prepaying existing term loans.

The company is in the business of print media, and publishes 7 newspapers, 48 newspaper editions and 128 sub-editions in three languages (Hindi, Gujarati and English) across 11 states.

The book running lead managers to the issue are Citigroup Global Markets India, Enam Securities and Kotak Mahindra Capital Company.

greyBlog