Sun Networks’ leading Tamil-language channel, Sun TV, listed on the Bombay Stock Exchange Monday, closing the day at 1,446 rupees ($32), up 65% on the initial offer price of $19.41.
Owner Kalanidhi Maran, brother of India’s Minister for Communications and Information Technology Dayanidhi Maran, sold 10% of his holding in the channel, bringing his stake down to 89%, and will use the more than $13.4 million raised to shore up subsidiaries.
The IPO, which ran April 3-7, had been oversubscribed 50 times.
Sun Network runs 14 regional-language TV channels, including four Tamil and two Malayalam webs. It also has four FM radio stations, two daily newspapers and four magazines.