Animation house raises funds

Animation and gaming content production outfit DQ Entertainment is set to become the latest Indian media company to list on the London Stock Exchange’s Alternative Investment Market.

Headed by chairman-CEO Tapaas Chakravarti, DQ says it will raise $60 million, which it intends to use to get into film production, as well as fund acquisitions and new facilities.

The initial public offering will be managed by E*Trade Securities.

The Hyderabad-based company works in 2-D, 3-D and flash to produce subcontracted animation for movies, TV series and console and mobile games. Clients include Walt Disney TV, Marvel, Nickelodeon, Sony, NBC Universal and the BBC.

Its work in kids’ show “Tutenstein” won this year’s Daytime Emmy in the special class animated program section.

DQ plans to make an action film every year beginning in 2008 and an animated TV series every 18 months.

Other Indian companies listed on London’s junior market include Eros Intl., UTV Motion Pictures and the Indian Film Co.

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