MUMBAI: Global Broadcast News, owners and operators of English news channel CNN-IBN and Hindi news channel IBN-7, opened big and closed even bigger - at more than double its issue price of Rs 250.

On the National Stock Exchange the share closed at Rs 505.90, with volumes of over 18 million shares, after opening at Rs 425.

GBN entered the capital market with an initial public offering (IPO) of equity shares aggregating upto Rs 1.05 billion. The issue was oversubscribed 48.74 times.

GBN is part of the Television 18 Group, which owns and operates leading business channel CNBC TV18 as well as consumer business CNBC Awaaz.

The company proposes to utilise the net proceeds of the IPO issue to finance acquisition of land, meet construction cost and repayment of loans.

The book running lead managers to the issue were ICICI Securities and Kotak Mahindra Capital Company. The co-book running lead managers to the issue were JM Morgan Stanley and IL&FS Investsmart.