UTV IPO oversubscribed 26 times; to be listed around 18 March

MUMBAI: UTV Software Communications Ltd is likely to be listed around or on 18 March, according to book running lead manager of the issue Enam Financial Consultants.

UTV's initial public offering (IPO) was oversubscribed 26.35 times when it closed on 25 February. The size of the issue was Rs 910 million at the upper end (Rs 130) of the price band and Rs 805 million at the lower end (Rs 115) of the price band.

Merchant banking sources said over 2,80,000 bids were received for the issue with the Qualified Institutional Buyers quota being oversubscribed 18.6 times, the Non-Institutional Buyers quota being oversubscribed 35 times and retail 38.6 times.

The issue comprises fresh equity of 4,500,000 shares of Rs 10 each and offer for sale by CDPQ (a Canadian private equity investor) of 2,499,950 equity shares of Rs 10 each for cash. It consists of 349,950 equity shares reserved for employees on a competitive basis and a net issue to public of 6,650,000 equity shares. The net issue to public would constitute 34.11 per cent of the fully diluted post issue paid-up capital of the Company.

As reported earlier, the IPO is being made through 100 per cent book building process wherein up to 50 per cent of the net issue to public shall be allocated to Qualified Institutional Buyers on a discretionary basis, not less than 25 per cent of the net issue to public would be allocated to Non-Institutional Investors and not less than 25 per cent of the net issue to public, would be allocated to retail individual investors on a proportionate basis. This will be subject to valid bids being received from them at or above the issue price.

The proceeds from the IPO will be used for enhancement of production facility & office infrastructure, investment in the 'Kids Channel' (Hungama TV) project, funding of SFX & post-production expansion, investment in movie Production and distribution initiatives and general corporate purposes.

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