The company hopes to raise a maximum of $143.8m in the IPO according to its filing with the Securities Exchange Commission, but has not revealed how many shares it will issue.
Townsquare, which was earlier known as Regent Communications, emerged from bankruptcy protection in 2010 with Oaktree becoming the controlling equity holder.
The books have improved since then, with the company’s revenue rising by more than 20 percent to $268.6m at the end of 2013 compared to the same point a year earlier.
Other private equity backers for the business include GE Capital and SOF Investments.
Oaktree will keep a majority of the voting power of the company following the IPO through its ownership of Class B common stock, which allow the owner ten votes per share on each matter submitted to a vote of stockholders.
Townsquare said it will use the proceeds from the offering to repay debts, including outstanding 10 per cent Senior PIK notes due 2019 and the outstanding term loans under its senior secured credit facility.
The radio operator currently runs 47 studios and 326 towers, and also offers digital advertising and marketing services.
It operates websites such as TasteofCountry.com, PopCrush.com, UltimateClassicRock.com and Loudwire.com.
Merrill Lynch, Pierce, Fenner & Smith, Jefferies and RBC Capital Markets are acting as lead underwriters for the IPO.
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