Cable services provider Sea TV Network's initial public offer (IPO) generated good demand and was subscribed 1.38 times by the end of first day of issue, with maximum bids coming in from non-institutional investors.
The issue, through which the company aims to garner up to Rs 50.2 crore, got total bids for 76,82,285 shares, compared to 55,77,777 equities on offer, as per the NSE data.
In the portion reserved for non-institutional buyers, the IPO was oversubscribed 5.25 times and in retail category 1.40 times, the NSE data showed.
The IPO, priced in the range of Rs 90 to Rs 100 a share, closes on September 29.
By the end of first day of issue, the share sale offering was subscribed 20 per cent in the portion reserved for the qualified institutional buyers.
The firm aims to utilise part of the net proceeds of the issue for expansion plans, which include setting up of digital headend and network for implementation of Conditional Access System (CAS).
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The company provides services to various local cable TV operators of Agra city.
Chartered Capital and Investment is the sole book running lead manager to the issue.
Shares offered through the IPO are proposed to be listed at the Bombay Stock Exchange.
Meanwhile, the IPO of infrastructure developer Ashoka Buildcon was subscribed 1.5 times by end of the second day of issue today.
The IPO is priced between Rs 297 and Rs 324 per share and closes tomorrow.
The issue, through which the company aims to garner up to Rs 225 crore, opened on September 24.
Enam Securities and IDFC Capital are the book running lead managers to the issue. Motilal Oswal Investment Advisors is the co-book running lead manager to the issue.