India’s Inox readies stock flotation

Company aims to sell 16.5 mil shares

Indian exhibition group Inox Leisure says it aims to raise up to 1.98 billion rupees ($45 million) through its stock market flotation.

Company began a series of roadshows aimed at selling 16.5 million shares at around $2.50 each. Offer consists of 12 million new shares and the sale of 4.5 million by strategic investor Gujurat Fluorochemicals. Subscription period is from Jan. 27-Feb. 2.

Inox, which operates 32 screens in eight multiplexes, says it plans to use the cash to expand its circuit to 23 plexes with 98 screens.

Rival exhib Priya Village Roadshow last month raised $39 million from its IPO and has since seen shares climb 26%.

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