Indian pay-TV platform Videocon D2H has withdrawn its plans for an initial public share offering in India following its successful launch last week on the NASDAQ Global Select Market in the U.S.
Videocon D2H had filed a draft prospectus with the Securities and Exchange Board of India and announced that it planned to raise INR7 billion ($112 million) from Indian investors. The proceeds were to be used to buy set top decoders, to scale up its network and pay down corporate debts.
In March, U.S. investors Harry Sloan and Jeff Sagansky’s Silver Eagle Acquisition Corp., contributed $273 million to Videocon D2H in exchange for 38.4% of the pay-TV provider, enabling it to launch on NASDAQ.
Public trading of Videocon D2H’s American Depositary Receipts (each representing four underlying Videocon D2H shares) began on Wednesday last week at $12 per ADR. The ADRs closed at $11.70 in trading on Tuesday.
Videocon D2H says it may re-file Indian listing documents at a future date.