GTPL Hathway IPO subscribed 1.51 times on final day

initial share sale of cable TV and broadband services provider GTPL Hathway Ltd sailed through on the last day with an overall subscription figure of 1.51 times, according to data from stock exchanges.

As of 6pm, the portion of shares reserved for institutional investors was subscribed 1.48 times, while the portions reserved for high net-worth individuals and retail investors were subscribed 2.85 times and 94%, respectively.

The company had set a price band of ₹167-170 per share for the initial share sale. The offer opened on June 21.

The initial public offering (IPO) will see the company raise ₹240 crore through a fresh issue of shares and a secondary share sale comprising of 14.4 million shares by the promoter group. At the upper end of the price band, the secondary share sale will fetch the promoter group ₹244.8 crore. GTPL Hathway intends to use the proceeds from the IPO to reduce debt.

According to the company’s red herring prospectus, it has a market share of 67% of cable television subscribers in 2015, accounting for approximately 3.7 million of 5.6 million cable television households in Gujarat, while it is the number two MSO in Kolkata and Howrah in West Bengal with a market share of 24% of cable television subscribers in this market in 2015.