Sea TV Network attracts 6% premium

capital market | Mumbai |

Settles at Rs 106 on BSE

Sea TV Network settled at Rs 106 on BSE, a 6% premium over the initial public issue price of Rs 100. The stock debuted at Rs 120, a 20% premium over the initial public issue (IPO) price. The stock hit a high of Rs 126.15 and low of Rs 105.05. The counter clocked a volume of 2.07 crore shares on BSE.

Cable services provider Sea TV Network's initial public offering (IPO) closed with 9.58 times subscription on 29 September 2010. The IPO garnered bids for 5.34 crore shares as against 55.77 lakh shares on offer.

The qualified institutional buyers (QIBs) category was subscribed 1.66 times. The non-institutional investors category made up of corporates and high-net worth individuals was subscribed 40.94 times. The retail investors category was subscribed 7.45 times.

The price band for the issue was Rs 90-100 per share. The issue had opened for bidding on 27 September 2010.

Sea TV Network is an Agra-based company providing services of multi-system operator (MSO) to various local cable TV operators (LCO) of Agra city.

Sea TV Network will use the IPO proceeds to fund expansion plans, setting up network for IPTV solution and for setting up of own cable distribution network capable of digital transmission throughout Agra City and adjoining areas.

Sea TV Network reported a net profit of Rs 1.51 crore on net sales of Rs 9.37 crore for the year ended March 2010.

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