 "GTPL Hathway makes a tepid listing")
GTPL Hathway 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 IPO 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 Hathway (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 IPO 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.
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 Hathway (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 IPO 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.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%