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Ortel Communications IPO Opens Tomorrow

Monday, March 02, 2015
By Dominic Rebello

Price Band fixed from Rs. 181 to Rs. 200 per equity share

Regional cable and high speed broadband services provider Ortel Communications Ltd. will come out with an initial public offer (IPO) aiming to raise Rs. 300 crore. The issue will open tomorrow March 3, 2015 and close on March 5. This is the first IPO to 2015. The proceeds of the issue would be utilised for expansion of the company's network for providing video, data and telephony services and general corporate purposes.

The public issue consists of 12 million equity shares of face value of Rs. 10 each and is priced in the range between Rs 181 and Rs 200 per share. The minimum Bid lot is 75 Equity Shares and in multiples of 75 Equity Shares thereafter. The Issue constitutes 39.25% of the fully diluted Post-Issue Paid up Equity Share Capital of the Company. The offer comprises issue of 6 million fresh shares and an offer for sale of up to 6 million shares by NSR -- PE Mauritius LLC. At least 75% of the issue will be reserved for QIBs, 15% for high networth investors (HNIs) and 10% for retail.

The company is one of the first private sector companies in India to be granted an ISP license by the government. Through primary point cable business model, it offers digital and analog cable TV, broadband and VAS services in Odisha, Chhattisgarh, West Bengal and Andhra Pradesh.

It has built a two-way communication network for ‘Triple Play’ services (video, data and voice capabilities) with control over the ‘last mile’. It pioneered the primary point cable business model in India by offering digital and analog cable television, broadband and VAS services in the area it operates. The company currently holds a dominant position in Orissa, with a fast-emerging presence in three other markets, covering an addressable market of approximately five million homes.

The Company’s business model is focused on the control over the ‘last mile’ connection. As on December 31, 2014, 87.21% of cable subscriber base is on its own ‘last mile’ network. It services both retail and corporate customers. It has grown both organically and inorganically through sale of services directly to the cable television subscribers and through buyout of network equipments, infrastructure and subscribers of other MSOs and LCOs.

The equity shares will be listed on the NSE and the BSE and Kotak Mahindra Bank is the sole book running lead manager to the IPO.

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