IPO Updates: DEN Networks plans IPO on Oct 28, to raise $100 mn : sources

DEN Networks is planning to launch $100 million initial public offering on October 28, reports CNBC-TV18 quoting Agencies. DEN Networks is in the business of distribution of analog and digital cable television services. The business are for this company is currently the National Capital Region of Delhi and the states of Uttar Pradesh, Rajasthan, Maharashtra, Gujarat, Karnataka, Haryana, Madhya Pradesh and Kerala.

Den intends to use funds raised via IPO for investing in
1. Development of cable television infrastructure and services
2. Development of cable broadband infrastructure and services
3. Acquisition of content and broadcasting rights
4. Repaying certain loans availed by the company and funding expenditure for general corporate purposes.

The company filed its DRHP with SEBI on August 10, 2009. The company is planning an IPO of 2 crore equity shares of Rs 10 each, as per the DRHP filed with SEBI. The net issue would constitute nearly 15% of the post issue paid-up capital of the company.

Deutsche Equities India Pvt Ltd and Antique Capital Markets Pvt Ltd are the registrar to the issue. Karvy Computershare Pvt Ltd is the registrar.

For the year ended March 31, 2009, it has reported loss of Rs 13.8 crore and total income of 271.11 crore.