Hathway Cable IPO poorly subscribed on day 1

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Cable television and broadband services provider Hathway Cable & Datacom's initial public offering to raise up to Rs 7.35 billion was poorly subscribed on its first day, data from the National Stock Exchange showed.

The IPO was subscribed 0.46 times with most bids coming in at the lower end of its IPO price band of Rs 240-265, the data available at 5 pm showed on Tuesday.

On Monday, the firm allocated nearly 5 million shares to raise Rs 1.2 billion from five anchor investors at Rs 240 rupees a share.

Morgan Stanley India Co Pvt Ltd, UBS Securities India Pvt Ltd and Kotak Mahindra Capital Co Ltd are the issue managers.

The proceeds from the fresh share issue will be used for customer acquisitions, capital expenditure, loan repayment abd general corporate purposes.

For fiscal 2008/09, the company recorded a net loss of Rs 620.6 million  on an income of Rs 6.63 billion.