Cable services provider Sea TV Network's initial public offering (IPO) was subscribed 1.38 times on day one of the issue today, 27 September 2010. The IPO garnered bids for 76.82 lakh shares as against 55.77 lakh shares on offer.

The price band for the IPO is Rs 90 to Rs 100 per share. The IPO closes on 29 September 2010.

The company plans to raise Rs 50.20 crore through the ongoing IPO, partly to fund expansion plans and setting up network for IPTV solution and for setting up of own cable distribution network capable of digital transmission throughout Agra City and adjoining areas.

Sea TV Network is an Agra-based company providing services of multi-system operator (MSO) to various local cable TV operators (LCO) of Agra city.