The initial public offer (IPO) of Sar Televenture received bids for 2,47,30,000 shares as against 45,00,000 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (1 November 2023). The issue was subscribed 5.49 times.
The issue opened for bidding on Wednesday (1 November 2023) and it will close on Friday (03 November 2023). The price band of the IPO is fixed at Rs 52-55 per share. An investor can bid for a minimum of 2,000 equity shares and in multiples thereof. The equity shares are proposed to be listed on the SME Platform of National Stock Exchange of India (NSE EMERGE).
The IPO comprises fresh issue of 45,00,000 shares. About 2,30,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 42,70,000 equity shares. The issue and the net issue will constitute 30% and 28.47% respectively of the post issue paid-up equity share capital of the company.
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 Tuesday, 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.
|