Hindustan Media Ventures IPO aims to raise Rs 300 cr

Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi daily Hindustan, on Thursday said it will raise Rs 300 crore through an initial pubic offer to fund its expansion programmes.

Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi daily Hindustan, on Thursday said it will raise Rs 300 crore through an initial pubic offer to fund its expansion programmes.

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HMVL is a subsidiary of HT Media Limited, which publishes Hindustan Times.

It has already filed draft red herring prospectus (DRHP) for the public issue that is expected to hit the markets in the next three months.

“The brand Hindustan has strong foundations and proven track record. We are the market leaders in Bihar and Jharkhand. These are markets in economic transformation and in the past two years we have been expanding rapidly in our existing markets,” said Amit Chopra, CEO of HMVL.

“On one side we plan to increase our reach and hence strengthen our leadership in the states of Bihar and Jharkhand by launching new sub-editions of Hindustan focusing on providing local news.”

Hindustan has become the second largest paper in the important Delhi/NCR market.

Over the past three years, the company has made significant investments in UP and has opened five printing locations to add to the existing facilities in Varanasi and Lucknow.

“We intend to further consolidate and expand the presence of Hindustan in UP with the setting up of our eight printing facility in the state which is currently under construction,” said Chopra.

Hindustan is printed at 16 locations in the states of UP, Bihar, Jharkhand, Uttarakhand, Punjab and Delhi/NCR.