Den Networks IPO opens on October 28

The initial public offering of Den Networks, through which the cable company is planning to garner nearly Rs 500 crore, will hit the market on October 28.

Den Networks' IPO of up to 2 crore equity shares in a price band of Rs 195-205 would start on October 28 and close on October 30, 2009, a company release said.

The price of the equity shares would be decided through a 100% book-building process.

The IPO would constitute up to 15.16% of the post-issue paid-up equity share capital of the company and the net issue would constitute 14.97% of the post-issue paid-up equity share capital.

The issue comprises a net issue of over 1.97 crore equity shares to the public and up to 2.50 lakh shares would be reserved for employees.

At least 60% of the net issue would be allocated on a proportionate basis to qualified institutional buyers, out of which 30 per cent may be allocated to anchor investors.

The IPO proceeds would partly fund the company's plans to invest in the development of cable television infrastructure and services, cable broadband infrastructure and services and acquisition of content and broadcasting rights amongst others.