Sea TV IPO oversubscribed 9.58 times on final day

Cable services provider Sea TV Network's initial public offer (IPO) got oversubscribed by 9.58 times on the final day of the issue today, on robust demand from retail and non-institutional buyers.

The issue through which the company aims to garner up to Rs 50.2 crore, got total bids for over 5.34 crore shares, compared to 55,77,777 equities on offer, as per the NSE data.

In the portion reserved for non-institutional buyers, the IPO was oversubscribed by a whopping 40.94 times and in retail category 7.45 times, the NSE data showed.

The IPO priced in the range of Rs 90-100 a share, opened on September 27. In the portion reserved for the qualified institutional buyers, the issue was oversubscribed 1.66 times.

The firm aims to utilise part of the net proceeds of the issue for expansion plans, which includes setting up of a digital headend and network for implementation of Conditional Access System (CAS).

The company provides services to various local cable TV operators of Agra city. Chartered Capital and Investment is the sole book running lead manager to the issue.

Shares offered through the IPO are proposed to be listed at the Bombay Stock Exchange.