Mumbai: Cable services provider Sea TV Network made a strong debut on the Bombay Stock Exchange on Thursday, by opening 20% higher from its issue price of Rs100.
The shares of the Agra-based company opened at Rs120. In the early hours, the scrip zoomed as much as 26.15% to Rs126.15.
On the volume front, over 1.04 crore Sea TV shares were traded in the first half of the session.
Meanwhile, the broader gauge Sensex was trading flat at 20,690.89, up 3.01 points from the previous close.
The Initial Public Offering (IPO) of the company was priced in the range of Rs90-100 a share. It has raised about Rs50.2 crore.
Sea TV Network aims to utilise the net proceeds of the issue for expansion plans, which includes setting up of a digital headend and network for implementation of Conditional Access System (CAS).
The company provides services to various local cable TV operators of Agra city.