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GTPL Hathway makes a tepid listing

At 10:02 am; the stock was trading 2% higher at Rs 173 from its issue price of Rs 170 per share.

SI Reporter  |  Mumbai 

IPO
IPO

has made a quiet listing by opening at Rs 170, at par against its initial public offer (IPO) price on the BSE. The stock dipped to Rs 162, below price of Rs 170 after few seconds of its listing.

At 10:02 am; it was trading 2% higher at Rs 173 from its issue price. It hit high of Rs 175 so far. A combined 4.63 million shares have changed hands on the counter on BSE and NSE.

(GTPL) raised nearly Rs 485 crore through the public issue, by issuing shares at Rs 170 per share. The company garnered Rs 145 crore from anchor investors.

The received a tepid response from investors, and was oversubscribed just 1.53 times. The reserved portion of qualified institutional buyers, too, was oversubscribed only 1.48 times and non-institutional investors 2.85 times. The portion set aside for retail investors was subscribed 99%.

GTPL is a leading regional multi system operator (MSO) in India, offering cable television and broadband services. It is the number one MSO in Gujarat with a market share of 67% and second largest in Kolkata and Howrah with a market share of 24%.

The issue was a combination of fresh issue and offer for sale (OFS). The company will not receive any proceeds from the OFS. However, a majority portion of the proceeds of Rs 229 crore from the fresh issue will be utilized to repay/pre-pay borrowings availed by the company.
 

First Published: Tue, July 04 2017. 10:05 IST
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