Spice Communications shares to list Thursday

Shares of Spice Communication will list on the Bombay Stock Exchange Thursday. Issue price of the recently concluded initial public offering was fixed at Rs 46 per share.

The company raised Rs 520 crore through its IPO of 11.3 crore equity shares of face value Rs 10 each.

The IPO was subscribed 37 times, receiving bids for 425.38 crore shares.

Qualified institutional buyers' portion was subscribed 57 times. Retail and non-institutional investors portion was subscribed 3 times and 19 times respectively.

Telekom Malaysia holds 49% in Spice Communications.

The company is the second largest cellular services provider in Punjab and fifth largest cellular services provider in Karnataka with an allocation in the 900 MHz spectrum in both these states.

Proceeds from the IPO will be mainly utilized towards repayment of debt, payment of license fee for national long distance and international long distance services and related capital expenditures