Agra-based independent multi-system operator (MSO) has successfully raised money through an initial public offering (IPO) on the very first day of opening.
Sea TV Network’s IPO was subscribed 1.38 times on Monday, according to data available on NSE site.
The Rs. 50.2 million IPO in the price band of Rs. 90 to Rs. 100 per equity share (of Rs. 10 each) closes on 29 September.
Sea TV is one of the three existing MSOs in Agra city and it also has its own local channels, programmes of which are produced by its own production team. These local channels mainly focus on Agra city/U.P State news/events and information, which is more relevant to the city viewers. These channels are broadcast free of charge to the TV subscribers of Sea TV.
Sea TV is the first Independent MSO in India to float its own IPO. According to the company MD Neeraj Jain they are planning to extend their network to all the major cities around Agra using fiberoptic cables and IPTV technology. They also plan to launch two satellite channels including one news channel.