MUMBAI: UTV Software Communications Ltd's IPO (initial public offering), which closed on 25 February with a total demand for 26.12 times the issue size of approximately seven million shares will list on 17 March 2005 at National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

The company received bids for about 185 million shares and the size of the issue was Rs 910 million at the upper end (Rs 130) of the price band.
 

The Book Running Lead Manager to the Issue was Enam Financial Consultants Pvt. Ltd. with IL&FS Investsmart Ltd being the Co-Book Running Lead Manager. Karvy Computershare Pvt LTD was the Registrar to the Issue.

Merchant banking sources have added that over 2.85 lakh bids were received for the issue with the Qualified Institutional Buyers quota being oversubscribed 18.6 times, the Non-Institutional Buyers quota being oversubscribed 33.12 times and retail 35.9 times.  
 
 

The proceeds from the IPO will be used for enhancement of production facility and office infrastructure, investment in Hungama TV, funding of SFX and post-production expansion, investment in movie production and distribution initiatives and general corporate purposes.  

The issue comprised a fresh equity of 4,500,000 shares of Rs 10 each and offer for sale by CDPQ, a Canadian private equity investor, of 2,499,950 equity shares of Rs 10 each for cash. 349,950 equity shares were reserved for employees on a competitive basis with a net issue to the public of 6,650,000 equity shares. The net issue to public constituted 34.11 per cent of the fully diluted post issue paid-up capital of the company.