<article>The 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.</article>

The 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 6 pm (Friday, June 23),  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 Rs167-170 per share for the initial share sale. The offer opened on 21 June.
The initial public offering (IPO) will see the company raise Rs240 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 Rs244.8 crore.
GTPL Hathway intends to use the proceeds from the IPO to reduce debt.
GTPL Hathway is a regional multiple system operator (MSO) offering cable television and broadband services. 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, accounting for approximately 700,000 of 3 million cable television households in the twin cities.
As of 31 January, the company’s digital cable television services reached 189 towns across India, including towns in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, Madhya Pradesh, Telangana, Rajasthan and Andhra Pradesh.
GTPL Hathway is the fourth company to launch an initial public offering in the month of June.
On Wednesday, the initial public offering of Central Depository Services (India) Ltd (CDSL) witnessed a subscription frenzy from public market investors, leading to the issue being subscribed 169.45 times.
Earlier in the week, the Rs1,741 crore IPO of Ahmedabad-based pharma firm Eris Lifesciences Ltd was subscribed 3.29 times. Last week telecom equipment maker Tejas Networks Ltd saw its Rs776 public share sale being subscribed 1.88 times.
Small finance bank AU Small Finance Bank Ltd will launch its Rs1,900 crore IPO next week.
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The IPO of cable TV and broadband services provider GTPL Hathway sailed through on the last day with an overall subscription figure of 1.51 times

India: GTPL Hathway IPO sails through with 1.5 times subscription on final day

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