New India’s DEN raises R3.7bn

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India’s DEN raises R3.7bn

DEN Networks, one of India's major cable MSO's, has raised Rupees 3.7bn ($80m) in its IPO. It will be listed on the stock exchange Tuesday Nov 24.

DEN floated at Rs 195 a share, although some major investors bought in at Rs205. Two investors in particular stand out, in the shape of Japan's Soft-Bank and India Capital of Hong Kong, both with 2% holdings.

After the issue, the promoter's stake in the company will come down to 53%. Standard Chartered IL & FS Asia Infrastructure Growth Fund and EMSAF Mauritius are the other institutional investors, which will have 10.13% and 2.99%, respectively, in the company after the IPO.

The cash will be used to fund further investment in India's cable TV.

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