GTPL Hathway Ltd, a part of Hathway Cable and Datacom Ltd today said it has fixed the price band between Rs 167 to Rs 170 per equity share for its proposed initial public offer (IPO). The company’s offer comprises a fresh issue of equity shares aggregating upto Rs 240 crore and an offer for sale of upto 14,400,000 shares. Proceeds from the IPO will be utilised towards repayment of loan and other general corporate purpose, a company statement said here. The offer opens on June 21 and closes on June 23. The company is a leading regional MSO in the country, offering cable television and broadband services. It is the number 1 multi system operator (MSO) in Gujarat and second largest in Kolkata and Howrah in West Bengal with the market share of 67 per cent and 24 per cent respectively.
As of September 30, 2016, the company’s digital cable TV services reached 169 towns across India, including towns in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, Madhya Pradesh, Telangana, Rajasthan and Andhra Pradesh. The company also has about 5.41 million active digital cable subscribers. The company now plans to expand both its cable TV and broadband services with newer technology, it said.
The company is phasing out analog services in order to adhere to the four-phased policy on digitisation set out by the MIB and complete digitization in its markets. Digitisation provides the company with the opportunity to expand its product suite with additional high definition channels and broadband services. Its digital services platform is supported by its owned intercity and intra-city optical fiber cable network, which as of September 30, 2016, spanned approximately 5,406 kilometers, it said. The shares will be listed on BSE and NSE. JM Financial Institutional Securities, BNP Paribas, Motilal Oswal Investment Advisors and Yes Securities will manage the GTPL Hathway’s public issue.