HONG KONG – Newly floated shares of the Indian Film Corporation bubbled on the Alternative Investment market section of the London Stock Exchange. Introduced Monday at 100p they climbed by 20% in early trading and closed Tuesday session with last trade at 104.25p.
This week also saw another Indian movie company UTV Motion Pictures announce that it had completed its fund raising ahead of an AIM listing.
UTVM Tuesday announced the ‘book closing’ on its offer of shares at $2.90 each and that demand had been sufficient to trigger the ‘greenshoe’ allotment of further shares.
With the additional shares UTVM will raise total of $77 million and parent company UTV Software Communications see its stake fall to 75%. At the listing price UTVM has a market capitalization of $309 million. Trading begins in next days.
IFC’s management company will by jointly owned by Viacom and Raghav Bahl following regulatory approval of a Viacom-18, a new joint venture between Viacom and TV-18 group (see separate story.)