Mumbai: Cable TV and broadband Internet services provider Hathway Cable & Datacom Ltd on Monday said its subsidiary GTPL Hathway Pvt. Ltd has filed its initial public offering (IPO) prospectus with the capital market regulator, in an intimation to stock exchanges.

In August, Hathway’s board had approved the GTPL Hathway IPO.

GTPL Hathway offers cable TV and broadband services in several cities including Pune, Ahmedabad and Kolkata.

According to the draft prospectus, the IPO will consist of both a primary offer, to help the company raise capital and an offer for sale by the promoters. The company is looking to raise Rs300 crore through the primary offer.

GTPL will use the proceeds from the IPO to reduce debt.

As of 30 September, GTPL’s digital cable television services reached 169 towns across India, including towns in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, Madhya Pradesh, Telangana, Rajasthan and Andhra Pradesh, according to its draft prospectus.

The company had approximately 5.41 million active digital cable subscribers, it added. According to the draft prospectus, GTPL had 3.7 million cable television customers in Gujarat in 2015. The Kolkata and Howrah markets in West Bengal comprised of around 0.7 million subscribers in 2015.

GTPL reported a consolidated revenue of Rs852.1 crore in the financial year 2015-16, compared to a revenue of Rs632.1 crore in the previous year. In 2015-16, GTPL reported a profit of Rs69 crore, as against a profit of Rs16.7 crore in the previous year.

The company has hired JM Financial Institutional Securities Ltd, BNP Paribas, Motilal Oswal Investment Advisors Pvt. Ltd and Yes Securities (India) Ltd to manage the initial share sale.

2016 saw 26 companies raise Rs26,493.8 crore through the IPO route, according to data from primary market tracker Prime Database, while in 2015, 21 companies raised Rs13,614.08 crore.

Hathway’s own cable TV operations span across almost 140 cities, while the broadband service is provided in 21 cities across the country, according to the company’s website.

Hathway has approximately 1.4 million broadband customers. The company claims that its subscriber base constitutes approximately 52% of the total cable broadband market in India.

In addition to cable TV and broadband service offerings, Hathway also has Hathway Music—a non-stop 24-hour Hindi music channel—and several local channels.

Shares of Hathway closed the day at Rs35.85, up 4.37% on the BSE, while the benchmark Sensex closed the day at 26,595.45 points, down 0.12%.

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