Indian industrial conglomerate Videocon Industries is planning an IPO of its D2H pay-TV platform after failing to sell a stake to private equity last year.
SatelliteFinance understands that Videocon has hired UBS to manage the share offering, which is…
Indian industrial conglomerate Videocon Industries is planning an IPO of its D2H pay-TV platform after failing to sell a stake to private equity last year.
SatelliteFinance understands that Videocon has hired UBS to manage the share offering, which is slated to take place in the first half of 2013. The company is seeking to raise between US$150m-US$200m.
A Reuters report suggested the group has also hired Indian banks Enam Securities and ICICI Securities.
A draft prospectus for the IPO could be finalised by the end of this November, added the report.
Videocon and the banks were unable to comment before the press deadline.
In late 2011, the conglomerate was reported to have hired UBS to sell a 25% stake in D2H to private equity firms including ICICI Venture, an affiliate of ICICI Securities. Back then, reports suggested the company was looking to raise US$75m-US$100m through the stake sale.
A relative newcomer to the crowded Indian DTH market, Videocon launched its pay-TV platform in May 2009. Its competitors include Dish TV, Tata Sky, Sun Direct, Airtel Digital TV, and Reliance Digital TV. State broadcaster Doordarshan also has a free-to-air DTH platform called DD Direct+.
The Indian satellite broadcasting market has been booming in recent years as it is boosted by an upwardly mobile population with increasing spending power. Many industry spectators have also highlighted a need for consolidation in the DTH market because it is so crowded.