Receives bids for 71.23 lakh shares
Ortel Communications' initial public offer (IPO) received bids for 71.23 lakh shares, as per data on NSE. The IPO was subscribed 75%. The issue opened for subscription on 3 March 2015 and closed on 5 March 2015. The price band for the IPO was fixed between Rs 181 to Rs 200 per share.
Categorywise, qualified institutional buyers' (QIBs) category was subscribed 1.01 times, non institutional investors' category was subscribed 0.09 times and retail individual investors' (RIIs) category was subscribed 0.39 times.
The net under-subscription in the HNI (high net-worth individual) and retail segments will reduce the offer for sale component by private equity firm New Silk Route (NSR) in the Ortel Communications IPO, according to media reports.
Ortel Communications on 2 March 2015 raised Rs 46.28 crore through pre-initial public offer (IPO) placement of 25.57 lakh equity shares to two anchor investors. The shares were allocated at lower end of the IPO price band of Rs 181 to Rs 200 per share. Ortel Communications allotted 6 lakh shares (23.46% of the total anchor investor portion) to Axis Mutual Fund (Midcap Fund scheme) and 3 lakh shares (11.73% of the total anchor investor portion) to Axis Mutual Fund (Small Cap Fund scheme). Ortel Communications allotted 16.57 lakh shares (64.81% of the total anchor investor portion) to ICICI Prudential Life Insurance Company.
Ortel Communications reported net loss of Rs 12.06 crore in the year ended 31 March 2014 (FY 2014), lower than net loss of Rs 25.10 crore in the year ended 31 March 2013 (FY 2013). Net sales rose 7.26% to Rs 128.50 crore in FY 2014 over FY 2013.
Ortel Communications is a regional cable television and high speed broadband services provider focused on Odisha, Chhattisgarh, Andhra Pradesh and West Bengal.
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