Indian cable television firm Den Networks Ltd is set to open a $100 million IPO on Oct 28 and will finalise the offer price band this week, two sources with direct knowledge of the deal said.
The 20 million share offering, which represents a 15.16 percent stake, would close on Oct. 30, the sources who did not want to be named said.
Den Networks, which reaches about 10 million homes and has 300,000 digital cable television subscribers, plans to use the funds to expand its reach and invest in cable television infrastructure, a draft regulatory filing showed.
“The management is meeting potential investors to determine the pricing. It should be done over the next two days,” one source said.
The draft filing showed the firm sold 3.95 million shares at 190 rupees ($4.12) each to foreign fund EMSAF in late July.
Deutsche Bank and India’s Antique Capital are the arrangers for the offer.