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India’s Videocon d2h to Seek IPO

DTH platform tries flotation for second time, targets $115 million of new cash

HONG KONG – India’s largest direct to home satellite TV carrier Videocon d2h is set to get a stock market listing within the next four months.

Videocon d2h is a subsidiary of home appliances and energy group Videocon Industries, which is already listed on the two Mumbai stock exchanges.
Videocon Industries obtained approval for the spin-off and listing of the pay-TV unit in March last year, but abandoned the attempt due to poor stock market conditions.

This week chairman and MD of Videocon Industries Venugopal Dhoot announced that the IPO would take place before Diwali, the major religious festival that this year is set to begin on Oct 23.

He said that Videocon d2h would raise some $117 million (INR7 billion) through the issue of fresh shares. Estimates are that existing shareholders will be diluted by 15%, implying a market valuation in the region of $780 million. That compares with the $1.1 billion valuation of rival Dish.

The proceeds of the flotation will be used to expand the business, which in the most recent quarter became cash flow (EBITA) positive after years of start-up losses.

Videocon d2h currently has over 10 million subscribers. Dhoot says the target is to raise that to 20 million as quickly as possible.

The company plans to roll out a 4k or UltraHD service in the near future.

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