GTPL Hathway opened with a loss of more than 1 percent and hit lowest point of Rs 162 in early trade against issue price of Rs 170 on the National Stock Exchange Tuesday.
The stock, however, immediately recovered from day's low to trade at Rs 174.20, up 2.47 percent over the issue price at 10:02 hours IST.
It touched a high of Rs 175. The listing price was on expected lines due to tepid response to its public issue and the grey market also indicated gains of Rs 3-5 on debut.
Cable TV and broadband services provider's initial public offering, which was opened for subscription during June 21-23, was oversubscribed 1.53 times.
GTPL Hathway raised nearly Rs 485 crore through the public issue that consisted of a fresh issue of Rs 240 crore and offer for sale of up to 1.44 crore shares.
The money raised through fresh issue will be utilised towards repayment of loan and other general corporate purposes while offer for sale money will go to selling shareholders.
Incorporated in August 2006, GTPL Hathway provides cable television and broadband services in Gujarat, West Bengal, Maharashtra, Bihar, Assam, Jharkhand, Madhya Pradesh, Telengana, Rajasthan and Andhra Pradesh, as of January 2017.It provides cable television signals to subscribers either directly or through affiliated local cable operators (14,606 as of January 2017). It has completed roll-out of set top boxes in Phase I, Phase II and Phase III areas and is working towards completing the roll-out of set top boxes in Phase IV areas.