Mumbai: Shares of Indian media firm DB Corp surged nearly a quarter on the Bombay Stock Exchange on Wednesday, making it the third successful debut in 2010. The shares listed up 19.81% at Rs254 before extending their rise.

The publisher of seven news papers had raised $83.56 million by issuing 18.2 million shares to investors at a upper end of its price band of Rs185-212, in an initial public offering (IPO) that saw subscription of 40 times its size.

“They left something on the table for investors. 260-265 is more or less a fair value," a Mumbai-based analyst from an overseas brokerage told Reuters, adding that a wider readership base gives DB corp an edge over its peers like Jagran Prakashan.

The year began with the positive listing of power firm JSW Energy on Monday, followed by a 20% premium on debut for realtor Godrej Properties on Tuesday, reversing the trend of weak starts by large Indian IPOs in 2009.

DB Corp’s issue attracted anchor investors such as Nomura Funds Ireland, Government of Singapore, BNP Paribas, ICICI Prudential Life Insurance Co and Reliance Capital Trustee.

“We had a very warm December compared to the chills IPOs have been receiving in 2009. Retail (investors) came in at about 4 times...that really helped," Girish Agarwaal, director, DB Corp told reporters after the stock was listed.

DB Corp’s flagship newspapers, Hindi-language Dainik Bhaskar and Gujarati-language Divya Bhaskar and Saurashtra Samachar, have a combined average daily readership of 15.5 million readers. It also runs 17 FM radio stations.

“The trigger clearly for print media companies would be rate hikes... you will see some advertisement rate hikes in next 3-6 months," said Anand Shah, analyst at Angel Broking.

“You can expect a topline growth of 12-15% (for DB Corp) and a bottomline growth of 15-20%," Shah said.

The firm registered a 14% growth in advertising revenue in the first half of FY10 and is looking to expand its radio business by winning more FM radio stations in the next round of government mandated bidding, said Agarwaal.

At 11.40am , shares were trading up 25.52% at Rs266.10 in a weak Mumbai market that was down 0.14%. It had risen as much as 29.2% or Rs273.9 in early trades.