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New Delhi, Aug. 6 Nu Tek India Ltd, a telecom infrastructure services provider, said on Wednesday that it has fixed the price of its initial public offering at Rs 192 a share. The company plans to offer 4.5 million shares of Rs 10 each. The issue, which opened on July 29 and closed on August 1, was oversubscribed 1.63 times.

The portion reserved for Qualified Institutional Buyers, which included foreign institutional investors, got subscribed approximately around 2.05 times (according to preliminary data received from the National Stock Exchange), while the non-institutional investor portion, which included corporates, individuals and others, was oversubscribed approximately around 1.78 times. The retail investor portion was also fully subscribed.

The issue comprised a fresh issue of 35 lakh equity shares and an offer for sale of one lakh equity shares by a strategic investor. The price band was fixed between Rs 170 and Rs 192 an equity share. The issue constitutes 26.07 per cent of the fully diluted post-issue paid up equity share capital of the company.

“The company intends to utilise the proceeds from the issue to meet the cost of capital expenditure, overseas acquisitions and augmenting the long-term working capital requirement amongst others,” said a press release.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange,

The book running lead managers to the issue are SPA Merchant Bankers Ltd and India Infoline Ltd.

More Stories on : IPOs | Telecommunications

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