Bollywood giant will be listed on NYSE
Bollywood giant Eros Intl. has filed for a U.S. initial public offering of $250 million. The company will de-list from London’s Alternate Investment Market and will list on the New York Stock Exchange.
A statement from Eros said: “The board has, with a view to enabling the continued growth of the company, been considering for some time which stock market would be the most appropriate for the listing of the company’s share capital, in terms of providing a more relevant peer group of similar companies, a broader financial analyst coverage and increased liquidity, as well as efficient access to additional equity capital on more favourable economic terms. The conclusion is that the U.S. capital markets in general, and the NYSE in particular, will best achieve these objectives.”The company said it would not be cost efficient to list on both the NYSE and the AIM and hence it would de-list from the latter. Eros has filed a registration statement with the U.S. Securities and Exchange Commission to list on the NYSE.
Eros’ financial results for the nine months ended December 2011 show group revenues grew 33.8% to $166.3 million from 2010 and profits before tax jumped 30.5% to $57.3 million.
Eros is co-producing several big-ticket Indian films, including “Kochadaiyaan,” India’s first motion capture pic, starring cult hero Rajnikanth, which has just completed filming at the U.K.’s Pinewood Studios and will see release in late 2012 in Tamil, Hindi, Telugu and Japanese language versions.