Ortel Communications, which is promoted by BJD's Jay Panda is all set to tap the capital markets and raise close to Rs 250 crore.
Ortel Communications, which is promoted by BJD's Jay Panda is all set to tap the capital markets and raise close to Rs 250 crore. CNBC-TV18's Prerna Baruah caught up with Panda and began by asking him about the timing of the initial public offering (IPO) that opens on March 3.
Below is verbatim transcript of the interview:
Q: When are you planning to initiate the IPO?
A: Ortel's public issue is guided by the investment banker's advice and it depends on the sector. This is a sector which has not had an issue for a while and a company which has last mile network and is geared for triple play and is not only providing TV signals but also broadband in a big way, has a certain cache to it.
Q: Could you outline the valuations for Ortel Communications?
A: The company has had three rounds of private equity funding. Two PE investors have already exited. The new silk route is doing a partial exit and they will continue to have a presence in the company and regarding the valuation the price band has been announced today and the final price of course will depend on the demand on the day of the issue.
Q: The company is largely in cable network business and high speed broadband. How do you wish to compete with your peers like Den Networks or Hathway Cable , what is the strategy for the company going forward once the public issue is successful?
A: Ortel has been benchmarked to global industry standards from its founding. If you look worldwide the biggest providers of both TV signal and broadband are the so called cable companies except that they are different, internationally all cable companies are built last mile.
In India that has not been the case, Ortel has been an exception and I think some of the peers are today also trying to build their last mile, this makes a huge difference.
Den Networks stock price
On February 24, 2015, Den Networks closed at Rs 119.25, down Rs 4.4, or 3.56 percent. The 52-week high of the share was Rs 246.15 and the 52-week low was Rs 100.10.
The latest book value of the company is Rs 98.83 per share. At current value, the price-to-book value of the company was 1.21.
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