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Midvalley Entertainment tumbles 17% on listing

Our Bureau

Mumbai, Jan. 27

The shares of Midvalley Entertainment closed 17 per cent lower at Rs 58.05 against the issue price of Rs 70 on its trading debut on Thursday. During intra-day, the stock touched a high of Rs 76.5 and a low of Rs 55 after opening at at Rs.73. The stock was listed only on the BSE and a total of 3.38 crore shares were traded.

The company is engaged in film production, distribution and exhibition in South India.

The company's initial public offering was subscribed 4.03 times. The issue received bids for 3.78 crore equity shares as against issue size of 93.75 lakh shares.

It will use the proceeds from the issue to enter into the screening agreements with 300 cinema theatres, renovation and upgradation of cinema infrastructure and for future acquisitions of companies and screen rights of company having similar line.

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