IPO Alert: GTPL Hathaway Subscribed 30%

On its second day of subscription GTPL Hathaway received total bids of 60,16,824 shares, whereas the total bids received at a cut-off price were 16,35,480 shares. The IPO was subscribed by 30% as of 1130 hours.

Initial Public Offering (IPO) of a joint venture of cable TV operator GTPL and Hathway is open for subscription from June 21 to 23. The issue size is 2,02,15,966.

The company had on Tuesday raised around Rs 145 crore by allotting shares to anchor investors ahead of its IPO.

The IPO issue will follow book building process wherein the price band is set at Rs 167 to Rs 170 per share. The minimum order quantity stands at one market lot, which contains 88 equity shares. Shares are going to list on mainstream exchanges, BSE and NSE.

The company has planned to raise up to Rs 485 crore through the way of IPO, which includes a fresh issue of shares worth Rs 240 crore and remaining through offer for sale of up to Rs 1.44 crore shares. The funds raised through IPO will be used for the repayment of the loans and other general corporate purposes.

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