The IPO is priced between Rs 181 and Rs 200/share. The IPO opened on March 3 and closed today.
Cable TV services provider Ortel Communications' initial public offering has failed to generate sufficient interest among investors, as the Odisha-based firm witnessed only 75 per cent of subscription on the final day of the issue today. The IPO received bids for 71,23,125 shares against an offer of 94,42,575 scrips, reflecting a subscription of 0.75 times, data available with the National Stock Exchange showed. 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 include anchor portion of 2,557,425 equity shares. The IPO is priced between Rs 181 and Rs 200/share. The IPO opened on March 3 and closed today.
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. 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.
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. Kotak Mahindra Capital Company Limited is the book running lead manager to the issue. Earlier, NCML Industries Limited withdrew its IPO on account of poor response from investors.
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