Spice Communications tops volume

Date: 19.07.2007 Debutante Spice Communications tops volume on BSE 11.71 crore shares were traded in the Spice Communications counteron BSE today. Spice Communications debuted on BSE today. The scripended at Rs 60.65, a premium of 31.84% over the IPO price of Rs 46.The company had raised Rs 528 crore in an initial public offering (IPO),which closed on 27 June 2007. The IPO was oversubscribed more than 37 times.The IPO was priced at the top end of the Rs 41-Rs 46 price band.Spice Communications will use around 50% of the total proceeds to retirepart of its Rs 1,000-crore debt, while the remaining would be used forexpansion plans.Spice Communications reported net loss of Rs 41.80 crore on revenues of Rs385.11 crore in the six months ended December 2006.