MUMBAI: If market sources are to be believed, Friday, 16 January 2004 will mark the debut of the TV Today Network's (TVTN) initial public offer (IPO) on the Bombay Stock Exchange and the National Stock Exchange.

The TVTN IPO that was over subscribed 36.26 times when it concluded on 27 December 2003, had managed to mop up a whopping Rs 49 billion at Rs 95 per share as a result of over subscription, even though foreign institutional investors were not allowed to participate in the initial offer.
The issue that opened on 18 December 2003 was offering 14.5 million shares through the book-building route. It constituted 25 per cent of the fully diluted post issue paid-up capital of the Company.
Keeping in mind the strong response that the IPO received from retail investors, TVTN has decided to allocate 25 per cent of the offering to retail investors, 25 per cent to non-institutional investors and 50 per cent to qualified institutional investors.
The issue has been lead managed by JM Morgan Stanley Pvt. Ltd., while Kotak Mahindra Capital Company Limited and ICICI Securities Limited were the co-lead managers to the issue.