Bright Outdoor Media’s IPO oversubscribed

Starry celebrations at BSE listing ceremony

Bright Outdoor Media
Bright Outdoor Media officials, BSE officials, and other dignitaries at the listing ceremony.

A large number of celebrities, politicians, and film actors were present for the bell-ringing and listing ceremony of leading outdoor advertising agency Bright Outdoor Media at the Bombay Stock Exchange on 27 March 2023.

Bright Outdoor Media’s IPO was subscribed by 1.20 times. The non-institutional investor portion was subscribed 1.27 times and the retail individual investor’s portion was subscribed 1.14 times.

Sudhir Mungantiwar, minister of Cultural Affairs and Forests, Maharashtra, was present as the Chief Guest. Others present included Bright Door CMD Yogesh Lakhani, actors Shekhar Suman, Manoj Joshi, BJP MLC Prasad Lad, advocate Amit Mehta, Parth, Bhavesh, Nidhi from Shreni Shares, and corporate honchos.

The MD and CEO of BSE, Sundararaman Ramamurthy, head of BSE SME Ajay Thakur, and Subramaniam, president of BSE, also attended the event, the company said in a press release.

BSE officials shared how raising Rs. 55 crore in any (SME) IPO at the end of March is a very difficult task. Bright’s IPO was oversubscribed, which was a remarkable achievement and shows the credibility of Yogesh Lakhani.

All the guests were felicitated with a memento and a shawl. Maharashtra Cultural Affairs minister Sudhir Mungantiwar, the chief guest, shared his experience with Yogesh Lakhani in his journey and wished him all the best.

Yogesh Lakhani thanked his parents, wishers, friends, family members, guests, and his staff. “I started working at a very small level and today reached such a milestone. It is a big achievement for all of us and I am happy for the same,” he said. 

2023 promises an interesting ride for print in India

Indian Printer and Publisher founded in 1979 is the oldest B2B trade publication in the multi-platform and multi-channel IPPGroup. While the print and packaging industries have been resilient in the past 33 months since the pandemic lockdown of 25 March 2020, the commercial printing and newspaper industries have yet to recover their pre-Covid trajectory.

The fragmented commercial printing industry faces substantial challenges as does the newspaper industry. While digital short-run printing and the signage industry seem to be recovering a bit faster, ultimately their growth will also be moderated by the progress of the overall economy. On the other hand book printing exports are doing well but they too face several supply-chain and logistics challenges.

The price of publication papers including newsprint has been high in the past year while availability is diminished by several mills shutting down their publication paper and newsprint machines in the past four years. Indian paper mills are also exporting many types of paper and have raised prices for Indian printers. To some extent, this has helped in the recovery of the digital printing industry with its on-demand short-run and low-wastage paradigm.

Ultimately digital print and other digital channels will help print grow in a country where we are still far behind in our paper and print consumption and where digital is a leapfrog technology that will only increase the demand for print in the foreseeable future. For instance, there is no alternative to a rise in textbook consumption but this segment will only reach normality in the next financial year beginning on 1 April 2023.

Thus while the new normal is a moving target and many commercial printers look to diversification, we believe that our target audiences may shift and change. Like them, we will also have to adapt with agility to keep up with their business and technical information needs.

Our 2023 media kit is ready, and it is the right time to take stock and reconnect with your potential markets and customers. Print is the glue for the growth of liberal education, new industry, and an emerging economy. We seek your participation in what promises to be an interesting ride.

– Naresh Khanna

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