Ortel Communications IPO subscribed 0.15 times on first day 04/03/2015

Ortel Communications IPO subscribed 0.15 times on first day
04/03/2015 15:23
The initial public offer (IPO) of regional cable TV services provider Ortel Communications was subscribed 0.15 times on the first day of the issue, reported PTI. The IPO received bids for 13,92,675 shares against 94,42,575 shares on offer, reflecting a subscription of 0.15 times, data available with the NSE said. Ortel entered the capital market with a public issue of up to 1.2 crore equity shares of face value of Rs 10 each. The public issue of up to 1,20,00,000 equity shares include anchor portion of 25,57,425 equity shares. The issue is priced between Rs 181 and Rs 200. The issue will close on March 5. Qualified Institutional Buyers (QIBs) portion was subscribed 0.21 times and retail individual investors saw 0.03 times subscription. Proceeds of the issue would be utilised for expansion of the company's network for providing video, data and telephony services and general corporate purpose. The company is expected to mop-up around Rs 240 crore at the upper band through the IPO. Through primary point cable business model, it offers digital and analog cable TV, broadband and VAS services in Odisha, Chhattisgarh, West Bengal and Andhra Pradesh. This is the company's second attempt to hit the capital market. Ortel's earlier plan in 2013 to garner Rs 100 crore through the stock market did not take off. Kotak Mahindra Capital Company Limited is the book running lead manager to the issue.

Ortel Communications' Rs 200 cr IPO to open next week 26/02/2015

Ortel Communications' Rs 200 cr IPO to open next week
26/02/2015 11:57
Ortel Communications will launch an initial public offering (IPO) to raise up to Rs 240 crore on March 3, reported PTI. The public issue, priced in the range between Rs 181 and Rs 200 per share, will remain open till March 5. The issue will comprise of 12 million equity shares, half of which will be secondary sale by private equity investor New Silk Route. The remaining 6 million will be fresh equity issuance to help company meet its expansion requirement. Kotak Mahindra Bank is the sole book running lead manager to the IPO. The Ortel IPO will have to be backed by qualified institutional buyers (QIBs) as the company fails to meet market regulator Sebi's profitability criteria. At least 75 per cent of the issue will be reserved for QIBs, 15 per cent for high networth investors (HNIs) and 10 per cent for retail. Ortel Communications is the first IPO to 2015. Last year, only five companies had come out with IPOs to raise a total of Rs 1,200 crore, the lowest in more than a decade.