GTPL Hathway, a cable TV and broadband services provider, on Tuesday got listed on the Bombay Stock Exchange at its issue price of Rs 170. The stock touched its intraday high and low of Rs 174.50 and Rs 162.25, respectively before closing the day at Rs 171.65, up 0.97% from its issue price. The initial public offering (IPO) of GTPL Hathway was subscribed by 1.5 times, the third day of its offering with investors bidding for 3.03 crore shares against 2.02 crore shares reserved. Qualified institutional buyers bid for 86.46 lakh shares of the 58.30 lakh shares reserved for them. High net worth individuals (HNIs) bid for 1.23 crore shares of the 43.15 lakh shares reserved for them. Retail investors bid for 94.29 lakh shares of the 1,00,69,941 shares reserved for them. Ahmedabad-headquartered GTPL Hathway, a part of Hathway Cable and Datacom, had fixed the price band between Rs 167 and Rs 170 per equity share for the initial IPO. The company’s offer comprises a fresh issue of equity shares aggregating up to Rs 240 crore and an offer for sale of up to 1.44 crore shares. JM Financial Institutional Securities, BNP Paribas, Motilal Oswal Investment Advisors and Yes Securities managed the issue.
Till September 2016, GTPL’s digital cable television services reached 169 towns across India, including towns in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, MP, Telangana, Rajasthan and Andhra Pradesh. GTPL provided broadband services primarily in the state of Gujarat and had catered to approximately 10 lakh households. The company is now preparing to expand both its cable TV and broadband services by deploying newer technologies such as Gigabit Passive Optical Networks (GPON) and Fibre to the Home (FTTH).