Hindustan Media, publisher of the Hindustan Times, has launched an initial public offering which was fully subscribed within just ten minutes of opening.

Most bids for the 7.6 million share offer were at the top end of the price band and could raise up to a total of Rs4.03 billion ($92.6m; €74.9m; £51.8m).

If a greenshoe option of 600,000 shares is also sold, the issue will represent 16.33% of Hindustan Media's post-issue capital.

The IPO closely follows hard on the heels of of the New Delhi-based company's venture into the Mumbai market, India's richest for print advertising, which attracts almost a quarter of all advertising in English, Hindi and other Indian languages.

As it outpaces electronic media for the first time in many years, print media advertising is becoming more and more profitable. It grew by 15% last year to take 46% of total media spending at Rs 118 billion.

Until recently, the Times of India enjoyed a monopoly in the Mumbai newspaper market, a situation that has abruptly changed with the launch of the Hindustan Times and Digital Media's new title DNA.

Data sourced from Financial Times Online; additional content by WARC staff