Top Broadband player Atria Convergence Tech plans Rs 800 crore IPO

Atria Convergence Technologies (ACT), India’s largest fiber-based broadband services provider, is looking to raise nearly Rs 800 crore from the capital market via an initial public offering (IPO) of its equity shares.

Last year, the company had filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) and is now awaiting the regulator’s nod to its IPO proposal.

ACT, which operates the broadband services under the brand name of ACT Fibernet, is bullish on the domestic data consumption matrix going forward, especially video content.

“The home wired broadband penetration in India is merely seven per cent compared to 35-40 per cent in other Asian countries such as Indonesia and Malaysia,” ACT CEO Bala Malladi told Business Standard here adding in the developed economies of the US and Europe, the ratio was even more than 70 per cent.