Den Networks slips 22% after listing at Rs 195

1900 Investors following Den Networks. Share this News with them.

0

Like this story, share it with millions of investors on M3

Den Networks slips 22% after listing at Rs 195

Den Networks listed at Rs 195 on the NSE today, at its issue price. However, the share fell sharply and at 13:15 pm, it was trading at Rs 151.45, at a huge discount of 22.33% to its issue price.

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS DEN's prospects appear blurred: Sharekhan Den Networks IPO subscribed fully Den Networks BSE | NSE 01/06/12 Are Mutual Funds betting on Den Networks?

Den Networks listed at Rs 195 on the NSE today, at its issue price. However, the share fell sharply and at 13:15 pm, it was trading at Rs 151.45, at a huge discount of 22.33% to its issue price.

The share touched an intraday high of Rs 199.80 and an intraday low of Rs 149.50. The total traded quantity was 56,50,481 shares.

On the BSE, the share opened at Rs 195, at its issue price. It touched an intraday high of Rs 197 and intraday low of Rs 150.

The initial public offering (IPO) of up to 2 crore equity shares was subscribed 1.04 times. Non-institutional investors' reserved portion was subcribed over 4 times followed by qualified institutional investors with their portion being subscribed just 1 time.

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.