SAR Televenture's Blockbuster FPO Garners Massive Investor Response

SAR Televenture's Rs 150-crore FPO was oversubscribed more than seven times, reflecting strong demand across investor categories. The offering, open from July 22-24, was a follow-up to a fully subscribed Rs 300-crore rights issue. The proceeds will finance telecom infrastructure projects including FTTH networks and 4G/5G towers.

SAR Televenture's Rs 150-crore follow-on public offering (FPO) saw unprecedented demand, being booked over seven times on its final bidding day. Investors from all categories showed overwhelming interest, further amplifying the success of the company's Rs 300-crore rights issue, which was fully subscribed by July 22.

Open for subscription between July 22 and July 24, the FPO saw a pricing range of Rs 200 to Rs 210 per equity share. A striking subscription rate of 7.49 times was reported, with around 4.01 crore shares bid for against 53.63 lakh stocks available, according to stock exchange data. Qualified institutional buyers (QIBs) saw an 8.31 times subscription, non-institutional investors 11.26 times, and retail investors 6.51 times.

On July 19, SAR Televenture secured almost Rs 43 crore from a lineup of anchor investors such as Intuitive Alpha Investment Fund, Negen Undiscovered Value Fund, and BoFA Securities Europe SA. This comes after SAR Televenture's announcement to raise Rs 450 crore via a rights issue and FPO, intending to allocate Rs 273 crore for FTTH network solutions, Rs 42.5 crore for 1,000 additional 4G/5G towers, Rs 30 crore for working capital, and the rest for general corporate purposes. The company remains pivotal in India's telecom infrastructure landscape, with 413 towers installed across various states as of May 31, 2024.