Den Networks closes 16% lower on first day

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Den Networks ended its first trading session at a hefty discount of 16.21% to its issue price of Rs 195. The share closed at Rs 163.4 on the NSE.

 

It touched an intraday high of Rs 199.80 and intraday low of Rs 149.50. The total traded quantity was 1,02,55,795 shares and turnover was at Rs 16,452.35 lakh.

 

On the BSE, the share closed at Rs 163.10 at a huge discount of 16.36% to its issue price. It touched an intraday high of Rs 197 and intraday low of Rs 149.50.

 

The share had listed today at Rs 195, at its issue price on the exchanges.

 

The company had come out with an initial public offering (IPO) of up to 2 crore equity shares, which was subscribed 1.04 times.  

 

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.