LONDON — Bollywood distrib Eros Intl. is set to float on London’s Alternative Investment Market.
Company was established more than 25 years ago in India to export Bollywood pics and is now the world’s largest distributor of Hindi-language movies.
Eros has offices in New York and London and a library of more than 1,000 titles.
Over the past 14 years, Eros has acquired and distributed an average of 35 pics a year. Distrib has taken 40% of the B.O. for Bollywood fare in the U.K. over the past eight years.
Appetite for Bollywood product in Blighty has been growing steadily:In 2002, Eros’ romantic saga “Devdas” played well in some multiplexes and was BAFTA-nommed.
“Waqt — A Race Against Time,” Eros’ first major co-production, was the highest-grossing Bollywood pic at the U.K. box office in 2005. Emboldened by its success, Eros plans to ramp up production activities.
“We are now at a point in our history where the market is changing rapidly and the business is of sufficient size, reputation and financial strength to exploit the significant opportunities presented to us,” said Eros chairman-CEO Kishore Lulla in a statement. “As a listed company, we will have the increased financial strength to help us achieve our objectives.”
Evolution Securities is acting as nominated adviser and broker to Eros.