Ortel Communications, a regional MSO and Broadband service provider (ISP) based in Odisha will hit the Primary market with its IPO on March 3, 2015 at the Price Band of Rs. 181-200 per share. Size of the IPO is expected to be Rs 240 crore on the upper side.
The issue comprises of 120 Lakh shares, 60 Lakh fresh shares and rest 60 lakh share will be sold by New Silk Route-PE LLC, Mauritius amounting to 39.25% of post-issue equity share capital of the company.The bid size is in a lot of 75 shares and multiple thereof. The last date for bidding is March 2, 2015.The book-running lead manager of the IPO is Kotak Mahindra Capital Company. The share would be listed in BSE as well as NSE.
The company plans to use the funds for its network expansion, expansion of digital cable services and expansion of broadband services. Its services spread in Odisha, Chattisgarh, West Bengal and Andhra Pradesh.