Thursday, November 26, 2009

Den Networks IPO - Listing details

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Den Networks IPO got listed today. However, it ended its first trading session on NSE at Rs. 163.4, big discount of 16.21% to its issue price of Rs. 195. It touched an intraday high of Rs. 199.8 and intraday low of Rs. 149.5

On BSE, the share closed at Rs. 163.1, a discount of 16.36% to its issue price. It touched at intraday high of Rs. 197 and intraday low of Rs. 149.5.

The company had come out with an IPO of upto 2 crore shares at Rs. 195 each. The IPO had got subscribed 1.04 times.

Promoted by Sameer Manchanda and Lucid Systems Private Limited, Den Networks is one of the largest national cable television companies in India engaged in the distribution of analog and digital cable television services (Source: MPA Report 2009). Since incorporation in July 2007, it has expanded analog cable services to 77 cities across India.
It currently provides cable television services in the National Capital Region of Delhi and the states of Uttar Pradesh, Rajasthan, Maharashtra, Gujarat, Karnataka, Haryana, Madhya Pradesh and Kerala. It has obtained an all-India ISP license and has recently commenced a limited roll out of broadband internet services in select areas, which it intends to expand in all the other cities where it operates.

The IPO Proceeds will partly fund the company’s plans to invest in the development of cable television infrastructure and services; the development of cable broadband infrastructure and services; and acquisition of content and broadcasting rights amongst others.
You can check the allotment on my previous blog post here.
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