Hathway sets IPO price

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Hathway Cable, the Indian MSO backed by News Corp, has set the price for its IPO on February 9-11, and is hoping to raise over Rs5 billion.


The company will sell 20 million shares, plus another 7.75 million from investors, for between Rs240-265 per share. The total issue constitutes around 19.4% of the company’s post-issue capital. About 60% of the shares will be sold to institutional buyers, non-institutional investors 10% and retail investors 30%.


Proceeds from the issue will be used to fund digital upgrade and broadband infrastructure work, plus subscriber acquisition including new set-top boxes.


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


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