Spice Comm IPO opens today
The company is offering 11.31-crore equity shares of Rs 10 each through the 100% book building route.
By INDIATIMES NEWS NETWORK |
MUMBAI: Spice Communications Ltd’s initial public offer opens on Monday. The company is offering 11.31-crore equity shares of Rs 10 each through the 100% book building route. The price band has been fixed between Rs 41 and Rs 46 per share. The issue constitutes 16.39% of the fully diluted post-issue equity share capital of the company.
The book running lead managers to the issue are Enam Financial Consultants and UBS Securities India.
The issue closes Friday.
At least 60% of the issue will be allocated to qualified institutional buyers, up to 30% to retail investors and up to 10% to non-institutional investors.
The company is the second largest cellular services provider in Punjab and fifth largest cellular services provider in Karnataka with an allocation in the 900 MHz spectrum in both these states.
The IPO proceeds will be mainly utilised towards repayment of debt, payment of license fee for national long distance and international long distance services and related capital expenditures. The funds will also be used for payment to vendors for network equipments and other capital expenditures.
The company recently concluded a pre-IPO placement of 2.4 crore shares at Rs 45 per share, raising about Rs 112 crore. Lehman Brothers and Sinnaker Investments have picked up a small stake in Spice Telecom.
The book running lead managers to the issue are Enam Financial Consultants and UBS Securities India.
The issue closes Friday.
At least 60% of the issue will be allocated to qualified institutional buyers, up to 30% to retail investors and up to 10% to non-institutional investors.
The company is the second largest cellular services provider in Punjab and fifth largest cellular services provider in Karnataka with an allocation in the 900 MHz spectrum in both these states.
The IPO proceeds will be mainly utilised towards repayment of debt, payment of license fee for national long distance and international long distance services and related capital expenditures. The funds will also be used for payment to vendors for network equipments and other capital expenditures.
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As of March 31, 2007, the company had a total subscriber base of 2.73 million and combined market share of 14.49% in Punjab and Karnataka.The company recently concluded a pre-IPO placement of 2.4 crore shares at Rs 45 per share, raising about Rs 112 crore. Lehman Brothers and Sinnaker Investments have picked up a small stake in Spice Telecom.
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