Thursday, March 5, 2015

Ortel IPO has been successfully closed, offer size reduced

Ortel Communications IPO successfully closed today; despite it remain unsubscribed, after the offer size has been reduced. As per statement by the book running lead manager of the issue, ‘Ortel has successfully raised its entire primary capital requirement as stated in the IPO Red Herring Prospectus, along with providing partial exit to New Silk Route (NSR)’.

Ortel Communications IPO received bids for 71,23,125 shares against an offer of 94,42,575 shares. The reduced issue size is not yet available.

Ortel Communications Ltd is a regional cable television and high speed broadband services provider in India entered the capital market with a public issue of 12,000,000 Equity shares of face value of Rs 10 each. The issue opens on Mar 03, 2015 and closed today for subscription on Mar 05, 2015. The price band for the issue has been fixed at Rs 181/- at lower level and Rs 200/- at upper level.