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The scrip was listed at Rs 105, up 90.91% over the initial public offer (IPO) price. The stock was currently frozen in an upper limit of 5% over its listing price.
The counter hit a high of Rs 110.25 and a low of Rs 105. About 23.36 lakh shares of the company changed hands at the counter.
Sar Televenture's IPO was subscribed 192 times. The IPO comprised fresh issue of 45,00,000 shares. The issue opened for bidding on 1 November 2023 and it closed on 3 November 2023. The price band of the IPO was fixed at Rs 52-55 per share.
The company intends to utilize the net proceeds to meet, installation of 5G/4G towers, full or part repayment and /or prepayment of certain outstanding secured borrowings, funding the working capital requirements and general corporate purposes.
Ahead of the IPO, Sar Televenture on 31 October 2023 raised Rs 6.99 crore from anchor investors. The board allotted 12,72,000 shares at Rs 55 per share to 5 anchor investors.
Sar Televenture provides telecommunication solutions to telecom network operators. The company is engaged in installation and commissioning of 4G and 5G Towers, Optical Fibre Cable (OFC) Systems and dealing in network equipments. The company is passive telecommunication infrastructure provider in India, engaged primarily in the business of installing and commissioning telecom towers in India. The firm has provided an aggregate 373 number of towers on lease over various areas in West Bengal, Bihar, Uttar Pradesh and Punjab. As on 30 September 2023, the company has 38 employees
The company reported a net profit of Rs 1.92 crore and revenue from operations of Rs 17.31 crore in 30 June 2023.
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