SAR Televenture FPO 69% Subscribed on Day 1 with Strong Retail Investor Interest | Stock Market News
The follow-on public offering (FPO) of SAR Televenture Ltd, a company specializing in telecommunications infrastructure, began on Monday, July 22, and will end on Wednesday, July 24. By the end of the first day, the FPO was 69% subscribed, mainly due to strong interest from retail investors.
The price range for the FPO is set between ₹200 and ₹210 per share. SAR Televenture has already allocated 20.35 lakh shares to 11 funds at ₹210 each, raising ₹42.74 crore.
SAR Televenture installs and commissions telecom towers and fiber-to-the-home (FTTH) networks in India. As of May 31, 2024, the company had installed 413 towers in various states, including West Bengal, Bihar, Uttar Pradesh, Chandigarh, Odisha, Jharkhand, Himachal Pradesh, Punjab, and the Andaman and Nicobar Islands. The company was listed on the National Stock Exchange (NSE) on November 8, 2023.
On Monday, SAR Televenture’s share price fell by 2.41%, closing at ₹237 on the NSE.
SAR Televenture FPO Details
SAR Televenture plans to raise ₹450 crore through a rights offering and the FPO. This includes ₹300 crore from the rights offering and ₹150 crore from the FPO. The proceeds will be used to expand their FTTH network solutions, set up additional telecom towers, meet working capital needs, and for other corporate purposes.
SAR Televenture FPO Subscription Status
As of day 1, the retail portion was subscribed 1.20 times, the non-institutional investors (NII) portion was subscribed 32%, and the qualified institutional buyers (QIB) portion was subscribed 17%. The company received bids for 36,96,000 shares against 53,62,725 shares on offer by 17:33 IST.
SAR Televenture FPO Grey Market Premium (GMP) Today
The grey market premium (GMP) for SAR Televenture FPO is ₹15, indicating that shares were trading at a ₹15 premium over the issue price in the grey market. Based on the upper end of the price band and the current GMP, the expected listing price is ₹225 per share, which is 7.14% higher than the issue price of ₹210.
The GMP reflects investors’ willingness to pay more than the issue price.
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