The initial public offer of Hindi movie distributor Eros International Media was subscribed robust 25.45 times on the last of the issue today, 21 September 2010. The IPO received bids for 47.21 crore shares, compared with 1.85 crore shares on offer. The company has set price band of Rs 158 to Rs 175 per share.

A day before the opening of the issue, Eros International Media announced that it has finalised allocation of 36 lakh shares to anchor investors at Rs 165 per share. The anchor investors include Citigroup, The India Fund Inc, IDFC Mutual Fund, Lloyd George Investment Management, Indus Capital Adviser and Lockheed Martin Corp.

Eros International Media, a wholly-owned subsidiary of Eros International Plc, plans to use the proceeds of the offering to acquire and co-produce Hindi and other regional films. Eros International Media owns rights to over a thousand films, which include Hindi, Tamil and other regional language films. It also owns rights to certain English language films for home entertainment distribution within India.

On a consolidated basis the company reported net profit of Rs 15.50 crore on net sales of Rs 126.30 crore in Q1 June 2010.