Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  GTPL Hathway IPO subscribed 41% on Day 2
BackBack

GTPL Hathway IPO subscribed 41% on Day 2

GTPL Hathway IPO, which received 41% subscription on Day 2, plans to garner up to Rs485 crore at a price band of Rs167-170 per share

The GTPL Hathway IPO will close on Friday. Photo: MintPremium
The GTPL Hathway IPO will close on Friday. Photo: Mint

Mumbai: The initial share sale of cable TV and broadband services provider GTPL Hathway Ltd saw a subscription of 41% on the second day of the initial public offering (IPO). As of 5 pm, the portion of shares reserved for institutional investors was subscribed 69%, while the portions reserved for high net-worth individuals and retail investors were subscribed 15% and 36%, respectively.

The company has set a price band of Rs167-170 per share for the initial share sale. The offer closes on 23 June.

The IPO will see the company raise Rs240 crore through a fresh issue of shares and a secondary share sale comprising 14.4 million shares by the promoter group. At the upper end of the price band, the secondary share sale will fetch the promoter group Rs244.8 crore.

GTPL Hathway will use the proceeds to reduce debt.

It is a regional multiple system operator (MSO) offering cable television and broadband services.

According to the company’s red herring prospectus, it has a market share of 67% of cable television subscribers in 2015, accounting for approximately 3.7 million of 5.6 million cable television households in Gujarat, while it is the number two MSO in Kolkata and Howrah in West Bengal, with a market share of 24% of cable television subscribers in this market in 2015, accounting for about 700,000 of 3 million cable television households in the twin cities.

As of 31 January, the company’s digital cable television services reached 189 towns across India, including those in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, Madhya Pradesh, Telangana, Rajasthan and Andhra Pradesh.

GTPL Hathway is the fourth company to launch an IPO in the month of June.

On Wednesday, the share sale of Central Depository Services (India) Ltd (CDSL) witnessed a subscription frenzy from public market investors, leading to the issue being subscribed 169.45 times.

Earlier in the week, the Rs1,741 crore IPO of Ahmedabad-based pharma firm Eris Lifesciences Ltd was subscribed 3.29 times. Last week telecom equipment maker Tejas Networks Ltd saw its Rs776 public share sale being subscribed 1.88 times.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 22 Jun 2017, 08:59 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App