(21 November 2009 10:30 pm)

MUMBAI: Den Networks, a cable distribution company with a pan-Indian footprint, has raised Rs 3.7 billion through its initial public offering (IPO).

Den, which has fixed its issue price at Rs 195 per share, will list its equity shares on the exchanges on 24 November.

LIC has put in $10 million and will hold a little over two per cent, according to a source in the company.

SoftBank of Japan and Indea Capital had come in as anchor investors at Rs 205, the upper end of the IPO price band.

Den was expecting to raise Rs 4.1 billion at the upper end Rs 3.9 billion at the lower price band.

"We raised Rs 3.7 billion. There was a small unsubscribed portion from retail individual investors," says the source.

Non-institutional investors helped the issue to get subscribed just 1.04 times. Their reserved portion subscribed over four times, while the qualified institutional investors' portion was subscribed just one time.

Promoted by IBN18 Broadcast joint managing director Sameer Manchanda and Lucid Systems, Den had entered the capital market on 28 October with an IPO of up to 20 million equity shares.