Hathway sets IPO price
Written by Rose Major
Sunday, 07 February 2010 04:32
Hathway Cable, the Indian MSO backed by News Corp, has set the price for its IPO on February 9-11, and is hoping to raise over Rs5 billion.
The company will sell 20 million shares, plus another 7.75 million from investors, for between Rs240-265 per share. The total issue constitutes around 19.4% of the company’s post-issue capital. About 60% of the shares will be sold to institutional buyers, non-institutional investors 10% and retail investors 30%.
Proceeds from the issue will be used to fund digital upgrade and broadband infrastructure work, plus subscriber acquisition including new set-top boxes.
Morgan Stanley India Co Pvt Ltd, UBS Securities India Pvt Ltd and Kotak Mahindra Capital Co Ltd are managing the issue.