Cyber Media's IPO for 4 new magazines

Speciality media company Cyber Media (India) Ltd would hit the capital markets with an initial public offer of 28.22 lakh shares to raise Rs 16.93 crore (Rs 169.3 million) for funding expansion plans, including launching a magazine in Singapore.

The issue has been priced at Rs 60 at a premium of Rs 50 to a face value of Rs 10 per share.

"The proceeds from the IPO will be used for four new planned publications including BPO Magazine, BioSpectrum Singapore and BusinessWeek India," Pradeep Gupta, chairman and managing director of Cyber Media said.

BPO Magazine would cater to the growing BPO industry in India while BioSpectrum, a biotechnology publication, would be launched in Singapore, he said adding, the company has tied up with Business Week magazine for the latter's launch in India.

The IPO will open on May 4, 2005 and close on May 9. Khandwala Securities Ltd is the sole book running lead manager to the issue while Intime Spectrum Registry is the registrar to the issue.