The company transferred its listing from London’s second tier Alternative Investment Market to the main board of the NYSE earlier and the shares are a component of the Russell 3000 index. The share issue is characterized as a ‘follow on equity offering.’
The company this week announced that it would sell 6.675 million new A ordinary shares, while existing shareholders would sell 325,000, for a minimum total of 7 million shares. Yesterday the company set the price at $14.5 per share for a total offering of $101.5 million, and new capital for the company of $96.5.
In the event that the issue is heavily subscribed, both Eros and the existing shareholders may sell a combined total of 1.05 million additional A ordinary shares.
Shares fell from $14.9 to $14.12 on the pricing news Thursday.