Booking an IPO or FPO advertisement in Mumbai? Here's the required English, Hindi, and Marathi newspaper combination, real 2026 rates, and booking deadlines.
Note: This article is for general information only and is not personalized financial advice. Always evaluate your own financial goals and risk tolerance or consult a SEBI-registered investment advisor before investing in an IPO or FPO.
Mumbai is not just another city on the list of IPO advertisement. It is the place from which most IPOs and FPOs happen in India. The newspaper rates are the benchmark for all other cities in the country. This article explains in detail the newspapers. They are required to be registered in Mumbai as an issuer. It is the effective cost of these ads in 2026, and how to book it without missing the SEBI deadlines.
Mumbai has an excessive concentration of India's capital market activity: the BSE and the NSE, SEBI's main operational base. Most of India's lead managers and merchant bankers are based here. There are many issuers whose registered offices are based in Mumbai. Hence advertisements in Marathi are a regular feature in IPOs. The pricing for the Mumbai editions is invariably the highest on the national scale. It is so high. Many cities' rates are seen as the benchmark on which to compare.
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The SEBI ICDR Regulations mandate the same three-language format as in India: Marathi is the mandatory regional-language component for a company whose registered office is in Mumbai.
| Language | Common Mumbai Choices |
|---|---|
| English | Economic Times, Times of India, Financial Express, Mint |
| Hindi | Navbharat Times, Dainik Bhaskar, Hindustan Times Hindi |
| Marathi (regional) | Loksatta, Maharashtra Times, Lokmat |
This applies during the stages of public announcement, pre-issue, and price-band advertisement specifically relating to the registered office in Mumbai requirement: Companies registered outside Mumbai. This is publicly announcing, pre-announcing or listing in Mumbai. It does not necessarily mean. They are required to advertise in Marathi during the public announcement, pre-issue and price-band stages. These requirements are based on the registered office in Mumbai. This is not the business address.
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Real Mumbai edition rates vary significantly by publication and ad format. Here's what current pricing looks like across the city's leading titles:
To put Mumbai's pricing in national context: a quarter-page display ad in Mumbai can cost around ₹1,75,000, compared to roughly ₹25,000 for the same size in a smaller city like Bhopal. It is a difference of roughly seven times for identical ad dimensions.
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Two separate deadline structures apply here. It's important not to confuse them:
Given Mumbai's high booking volume and competition for print slots, building in an extra buffer day beyond the minimum is a reasonable precaution. It is especially around high-demand periods.
| Issue Type | Recommended Mumbai Combination |
|---|---|
| Large-cap / mainboard IPO | Economic Times + Navbharat Times + Loksatta |
| Mid-cap IPO/FPO | Financial Express or Free Press Journal + Navbharat Times + Maharashtra Times |
| SME IPO | Free Press Journal + Navshakti (lower-cost combination, still SEBI-compliant) |
The "widely circulated" standard SEBI applies doesn't require the single most expensive title. It requires genuine, verifiable circulation reach, which several of Mumbai's more cost-efficient combinations still satisfy.
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Both are commonly used and satisfy the "widely circulated" requirement. Loksatta is often chosen for its reach among educated, discerning Marathi readers, while Maharashtra Times offers strong hyperlocal readership across Mumbai's suburbs. Either is a compliant choice. Its selection often comes down to budget and existing media relationships.
Full-page display ads in Times of India Mumbai run around ₹10,00,000 per insertion, though exact pricing depends on placement, edition, and any negotiated agency rates.
No. The regional-language requirement is tied to the location of the issuer's registered office, not the business headquarters or listing exchange. A company registered elsewhere would need that state's regional language instead.
Generally, yes — Mumbai edition rates are consistently among the highest nationally, with quarter-page display ads costing roughly seven times more than in a smaller city like Bhopal for the same size.
Beyond the newspaper's own booking cutoff (commonly 1–2 days), SEBI requires the price-band advertisement to run at least 2 working days before an IPO opens (1 working day for an FPO). It is the plans for both deadlines together with a buffer given Mumbai's high booking demand.
Yes, for issuers where cost efficiency matters more than premium financial-daily positioning — Free Press Journal is a recognized, widely circulated English publication and a common lower-cost alternative for SME and mid-cap issuers.
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