Viom Networks to hit capital market soon
Kolkata: Telecom tower company Viom Networks, a joint venture between Tata Teleservices and group, is planning to hit the capital market soon, a top official said on Saturday.
The announcement comes after telecom tower firm Bharti Infratel less than a fortnight ago raised more than Rs 4,118 crore in the biggest IPO in over two years.
"We plan to go ahead with the IPO and will begin the process in January 2013," Viom Networks vice-chairman Sunil Kanoria said on the sidelines of World Confluence of Humanity, Power and Spirituality (rpt) Spirituality organised by SREI Foundation.
When asked about his reaction on Bharti Infratel's IPO and the response from retail investors for the tower firm, Kanoria said he was not too bothered by the tepid response to Bharti Infratel IPO.
"Indian retail investors are yet to mature in their outlook in such kinds of infrastructure assets," he said.
Bharti Infratel fixed the price for its IPO at Rs 220 per share for institutional investors, while giving a discounted price of Rs 210 per piece for retail investors, who accounted for only 19 percent of the bids.
Tatas hold 54 percent stake in Viom, while Srei group and a clutch of PE funds hold the rest in the company, which has over 40,000 cell sites and tenancy ratio of 2.4 per tower.
Kanoria said with the exit of Uninor from several circles, the telecom operator's revenue share in Viom's overall sales will come down to 13-14 percent from 20-22 percent earlier.