Eros International to list on Wall

Indian film distributor initiates shift of listing from London

HONG KONG – Eros International, the leading overseas distributor of Indian films, is to raise upwards of $117 million as it makes its long-awaited shift of share listing from London to New York.

The Isle of Man-registered company will sell a total of 12.5 million A shares, comprising some 62% newly-issued shares and the balance sold by existing investors. The company’s investment advisors set an indicative price range of $15-$17 per share. The total issue size could expand to $244 million were the sale to be conducted at the top end of the price range and additional shares to be taken up by underwriters according to an option.

The company is currently listed on London’s second tier Alternative Investment Market, and with (unconsolidated ordinary) shares trading at GBP2.87, the company’s current market capitalization stands at GBP375 million or $606 million.

Eros has previously said it believes the relocation of the listing would benefit the group as New York offers a deeper market for the shares and a larger pool of media-specialist investment analysts.

The group also has a separately-traded Indian subsidiary listed on the Bombay Stock Exchange. Last week it reported profits after tax up 16% at $10.3 million (INR663 million) for the six months to September.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0