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Agra-based multi-system operator, Sea TV Network Limited, is set to float its initial public offer (IPO) on the 27th September 2010.

The company received SEBI’s nod to enter the capital markets a few days back. It intends to float a public issue of equity shares aggregating Rs 50.2 crore. The price band for this 100% book built issue has been fixed at Rs 90 to Rs 100 per equity share of face value Rs 10 each. The Issue closes on 29th September.

The promoters of Sea TV are in this line of activity since about 16 years and are well conversant with the Cable TV industry. Sea TV is one of the three existing MSOs in Agra City and it also has its own local channels, programmes of which are produced by its own production team.

Sea TV Network operates “JINVANI” and “SEA NEWS” channels and looks to expand the number. It has made 3 applications to the Ministry of Information & Broadcasting for uplinking TV Channels with news and current affairs in the name of “REAL NEWS”, “OCEAN TV” and “YOUR TV” on August 12, 2010, which are pending as on date.

Besides providing services as a MSO, the Company also proposes to adopt latest technology i.e. IPTV for providing TV channels to its viewers. It already has a network of about 150 franchisees throughout Agra city.

For these expansion plans the Company intends to raise funds through the public issue. Part of the net proceeds of the Issue is proposed to be utilized for expansion plan which include setting up of complete Digital Headend and network for implementation of Conditional Access System (CAS) to convert from the present Analog system to distribution to a Digital System, setting up network for complete IPTV solution, setting up of own cable distribution (underground optical fiber) network capable of digital transmission throughout Agra City and adjoining areas and also setting up own 20 branch-offices in the city including in the adjoining areas with required infrastructure for receiving digital signals and re-transmitting the same without much value addition through co-axial cables to individual customers/subscribers.

Chartered Capital and Investment Limited is the Book Running Lead Manager to the Issue and Link Intime India Pvt Ltd is the Registrar to the Issue. The Equity shares are proposed to be listed on BSE, the designated stock exchange.