(27 September 2010 8:30 pm)
MUMBAI: Investors are having an appetite for even smaller cable TV networks as they believe the distribution business will go through a major scale-up and consolidation. An Agra-based multi-system operator (MSO) has successfully raised money through an initial public offering (IPO) on the very first day of opening.
Sea TV Network's IPO was subscribed 1.38 times on Monday, according to data available on NSE site.
The Rs 50.2 million IPO in the price band of Rs 90 to Rs 100 per equity share (of Rs 10 each) closes on 29 September.
"The initial response seems to be encouraging. We are waiting to see at what levels the subscriptions are taking place," says a market analyst who tracks the sector.
Sea TV is one of the three existing MSOs in Agra city and it also has its own local channels, programmes of which are produced by its own production team. These local channels mainly focus on Agra city/U.P State news/events and information, which is more relevant to the city viewers. These channels are broadcast free of charge to the TV subscribers of Sea TV.
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