GTPL Hathway makes tepid debut, lists at issue price of Rs 170

Leading cable TV and broadband services provider GTPL Hathway today made a muted debut on the stock exchange as the scrip got listed at its issue price of Rs 170.
After opening at Rs 170, the stock plunged to Rs 162.25 on the BSE. It has hit a high of Rs 174.5 so far.
GTPL Hathway's Rs 485-crore IPO was subscribed 1.53 times during the June 21-23 offer period.
The category reserved for qualified institutional buyers (QIBs) was subscribed 1.48 times, non-institutional investors 2.85 times and retail investors 99 per cent.
The IPO comprised fresh issue of shares worth Rs 240 crore and offer for sale of up to 1.44 crore shares, with the price band of Rs 167-170 a share.

Proceeds from the IPO will be utilised towards repayment of loan and other general corporate purposes.
JM Financial Institutional Securities, BNP Paribas, Motilal Oswal Investment Advisors and Yes Securities managed the issue.