ITV

Tag: IPO

  • Shemaroo’s debut Q2-2015 result on bourses: Good

    Shemaroo’s debut Q2-2015 result on bourses: Good

    BENGALURU: After its initial public offering (IPO) in September 2014, Shemaroo Entertainment has filed reasonably good results that could  improve further towards the end of fiscal 2015, if the trends shown in some of its IPO documentation continue.
     
    Note: 100,00,000 = 100 lakhs = 10 million = 1 crore
    All numbers in this report are consolidated numbers
     
     
    The company has reported a 31.7 per cent increase in Total Income from Operations (TIO) at Rs 84.96 crore in Q2-2015 from Rs 64.49 crore in Q1-2015 and 21.4 per cent increase from the Rs 69.96 crore in the corresponding quarter of last year. The company’s net consolidated profit after tax has reduced 10.4 per cent quarter on quarter to Rs 8.57 crore (10.1 per cent of TIO) from Rs 9.56 crore (14.8 per cent of TIO) in Q1-2015, but jumped 37.1 per cent from Rs 6.25 crore (8.9 per cent of TIO) in Q2-2014.
     
    For HY-2015, PAT at Rs 18.14 crore (12.1 per cent of TIO) was 73.3 per cent more than the Rs 10.47 crore (8.3 per cent of TIO) for HY-2014. For FY-2014, PAT at Rs 27.95 crore was 10.6 per cent of TIO and PAT for FY-2013 at Rs 24.58 crore was 11.4 per cent of TIO.
     
    Diluted EPS (not annualised) is lower in Q2-2015 at Rs 4.30 versus the Rs 4.82 in Q1-2015, but higher than the Rs 3.15 in Q2-2014.  For HY-2015, diluted (not annualised) EPS was Rs 9.10 and for HY-2014, it was Rs 5.25. An EPS of Rs 14.08 for FY-2014 and Rs 12.38 for FY-2013 was reported for the company during its IPO.
     
    The company’s Total Expenditure (TE) in Q2-2015 has gone up 41.4 per cent to Rs 64.91 crore (76.4 per cent of TIO) from Rs 45.89 crore (71.2 per cent of TIO) in the immediate trailing quarter and was 21.4 per cent more than the Rs 54.85 crore (78.4 per cent of TIO) in Q2-2014. For HY-2015, TE at Rs 110.8 crore (74.1 per cent of TIO) was 14.5 per cent more than the Rs 96.76 crore in HY-2014.

     

  • Videocon d2h plans to launch IPO by Feb 2015

    Videocon d2h plans to launch IPO by Feb 2015

    MUMBAI: A few days ago, Videocon d2h files paper with the Securities and Exchange Board of India (SEBI) to raise Rs 700 crore through an initial public offering (IPO).
    Rs 350 crore will be used to acquire STBs, outdoor units and accessories from TEL, a Videocon Group entity and Rs 175 crore to repay debt.

     

    In a recent interview to CNBC TV18, Videocon Industries CMD Venugopal Dhoot has said that it will launch the IPO in the first quarter of 2015.

     

    “We hope to launch it in January or February maximum, market is good and Videocon d2h has been number one since beginning in customer acquisition from where it started and now it has become number one in customer acquisition,” he said adding that it is looking at doubling its subscriber base within five years. Dhoot highlighted that it currently has 9 million subscribers but will soon become a ‘super profitable company’.

     

    Dhoot also said that the average revenue per user (ARPU) of Videocon d2h was the same as Dish TV, but a little less than Tata Sky. While speaking at a session at indiantelevision.com’s IDOS 2014, Videocon d2h CEO Anil Khera had said that its ARPU in phase III and phase IV cities have touched Rs 220.

     

    This is Videocon’s second attempt at the IPO. It had got SEBI’s approval in 2012 but didn’t go ahead with it due to unfavourable market conditions. Seven banks including UBS, Axis Capital, ICICI Securities, SBI Capital Markets, Yes Bank, IDBI Capital are managing the share sale.

     

    The company is also considering a preferential issue of up to 5,000,000 equity shares, aggregating up to Rs 50 crore with certain investors.

  • Videocon d2h files for IPO to raise Rs 700 crore

    Videocon d2h files for IPO to raise Rs 700 crore

    MUMBAI: For the past couple of years, the stockmarkets have been going through rough weather dampening an entrepreneur’s desire to raise funds through the initial public offering (IPO) route. With a new government in place, and optimism returning, the queue has once again started being formed outside the Securities Exchange Board of India (Sebi) of those going in for IPOs. Shemaroo Entertainment earlier this month approached the public and now it is the turn of the  direct to home (DTH) service provider Videocon d2h which has finally made its filing with Sebi to raise Rs 700 crore.

     

    This is the second time the firm has proposed to go public. It had previously filed documents in December 2012 and had received a go ahead from SEBI but did not go ahead with the public float.

     

    Seven banks – including UBS, Axis Capital, ICICI Securities, SBI Capital Markets, Yes Bank, IDBI Capital will manage the share sale.

     

    As per the statement issued by the company, “The price band and the minimum bid lot will be decided by our company in consultation with the joint global coordinators and book running lead managers.”

     

    The company is also considering a preferential issue of up to 5,000,000 Equity Shares, aggregating up to Rs 50 crore with certain investors.

     

    “Our Company will complete the issuance and allotment of Equity Shares pursuant to the Pre-IPO Placement, if any, prior to the filing of the Red Herring Prospectus with the RoC. If the Pre-IPO Placement is completed, the Issue size will be reduced to the extent of such Pre-IPO Placement, subject to the issue size constituting at least 10 per cent of the post-Issue paid-up Equity Share capital of our Company,” the notice also stated.

     

    The company plans to spend a portion of the Net Proceeds of the issue towards acquisition of set-top boxes, outdoor units and accessories thereof from TEL, a Videocon Group entity.

     

    “We propose to utilise Rs 350.83 crore of the Net Proceeds towards acquisition of set-top boxes and outdoor units from TEL,” the statement added.

     

    The company is also looking to spend Rs 175 crore of the net proceeds to repay loans. “We may utilise a part of the Net Proceeds to repay/prepay certain term loan facilities availed from IDBI Bank Limited and ICICI Bank Limited, which are associates of the JGCBRLMs, IDBI Capital and I-Sec, respectively, and YES Bank, one of our JGCBRLMs.”  The amount left will be used for other general corporate purposes.

     

    The company commenced DTH operations in July 2009 and has grown its subscriber base from 0.44 million gross subscribers as of 31 March 2010, to 11.21 million gross subscribers, as of 30 June 2014, which represents approximately 16.2 per cent of the total DTH subscriber base in India.

     

    For the first quarter of 2015 the company has approximately 27 per cent incremental market share of the DTH subscriber base in India.

     

    The total income of the organisation for the three months ended 30 June 2014 was Rs 537.7 crore, during which time it generated net loss of Rs 78.15 crore. The firm has clocked a net loss of Rs 2,126 crore over the last five years.

  • Shemaroo IPO opens on 16 September

    Shemaroo IPO opens on 16 September

    BENGALURU: India integrated media content house Shemaroo Entertainment Limited’s 100 per cent Book Built Initial Public Offer (IPO) opens tomorrow. The company has activities across content acquisition, value addition to content and content distribution. The issue sized Rs 120 crore closes on 18 September 2014. The promoters of the Company are Raman Maroo and Atul Maru.

    The face value of each share is Rs 10 in the price band of between Rs 155 to Rs 170. A 10 per cent discount is offered to retail investors. The minimum number of shares per lot is 85 and in multiples of 85 thereafter. The maximum bid for retail customers is Rs 2 lakh. The equity shares will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

    Note : 100,00,000 = 100 lakh = 10 million = 1 crore.

    The total size of the issue is between 71 and 77 lakh shares. The break up is: Qualified Institutional Bidders (QIB) including Anchor Investors who may be allocated 60 per cent of the QIB portion is 50 per cent of the issue, non-institutional investors 15 per cent and retail investors 35 per cent of the issue size.  The objects of the Offer are to fund, working capital requirements and expenditure for general corporate purposes and achieve the benefits of listing the Equity Shares on the BSE and the NSE and to carry out the sale of 22,555,124 Equity Shares by the Selling Shareholders. 

    Data by Karvy Stockbrokers of the company over a five year period in an IPO note says that the company’s Earnings per share (EPS) has gone up by 20.4 times from Rs.0.69 (PAT Rs 1.26 crore) in FY-2010 to Rs 14.08 (PAT Rs 27.95 crore) in FY-2014. Shemaroo’s revenue has gone up 2.6 times from Rs 103.57 crore in FY-2010 to Rs 264.68 crore in FY-2014. Its net worth has gone up 2.2 times from Rs 79.27 crore in FY-2010 to Rs 177.45 crore in FY-2014. The figures released by Karvy Stockbroking indicate a PE ratio of between 11 (Price Rs 155 per share) and 12 (Price Rs 170) based on an EPS of Rs 14.08 in FY-2014.

    A Shemaroo press release says:

    “ Shemaroo’s Content Library consists of more than 2,900 titles spanning new Hindi films like Queen, Bhaag Milkha Bhaag, Dedh Ishqiya, The Dirty Picture, Kahaani, OMG: Oh My God!, Black, Ishqiya, Ajab Prem Ki Ghazab Kahani, Omkara, Dil Toh Baccha Hai, Bheja Fry 2, amongst others. Hindi films classics like Zanjeer, Beta, Dil, Disco Dancer, Mughal-e-Azam, Amar Akbar Anthony, Namak Halaal, Kaalia, Madhumati etc., titles in various other regional languages like Marathi, Gujarati, Punjabi, Bengali among others as well as non-film content.

    Shemaroo is one of the largest independent content aggregators in Bollywood. Currently, the Company distributes content over which it has either complete ownership rights or limited ownership rights.

    The Company distributes its content through various mediums such as (i) television such as satellite,

    terrestrial and cable television; (ii)New Media platforms consisting of mobile, internet, direct to home (“DTH”) and other applications; (iii) home entertainment; and (iv) other media.

    Shemaroo’s recent initiatives include tying up as an official channel partner for Google Inc.’s You Tube where it is managing 32channels. It is also moving beyond providing just content, to providing content management solutions to partners including Reliance Communications Re 1 WAP store and Airtel digital television in connection with an interactive devotional service, namely “iDarshan”.

    Shemaroo’s key strengths include an established brand name; vast, diverse and growing Content Library; diversified distribution platforms; de-risked business model; experienced directors and management team; and strong relationships in the industry. Shemaroo’s overall strategy is structured around its Content Library and its successful exploitation to ensure that it can be monetized through diversified platforms on a worldwide basis and designed to address predictability, scalability and sustainability, ultimately resulting in profitability.”

     

  • Ortel Communications files DRHP with SEBI for IPO worth Rs 360 crore

    Ortel Communications files DRHP with SEBI for IPO worth Rs 360 crore

    MUMBAI: Odisha based last mile owner (LMO) Ortel Commnications has filed its draft red herring prospectus (DRHP) for its proposed initial public offering (IPO) with the securities and exchange board of India (SEBI). Ortel Communications CEO BP Rath confirmed the news to indiantelevision.com.

     

    The LMO is looking at a public issue of 14,182,598 equity shares of face value of Rs 10 each. The IPO may raise as much as Rs 360 crore.

     

    It consists of 60 lakh shares from the company and an offer for sale of up to 81.82 lakh shares by New Silk Route (NSR) that currently owns a 35 per cent share in the LMO. This would mean Ortel ending up with nearly Rs 150 crore and NSR exiting with Rs 200 crore.

     

    The deal is being handled by Kotak Mahindra Capital. It also has the option for a pre IPO sale of up to 25 lakh equity shares to generate up to Rs 65 crore.

     

    NSR has been keen to exit the business for quite some time. With this fresh infusion that Ortel is expecting, the LMO plans to grow its cable and broadband business in Odisha as well as neighbouring states such as Andhra Pradesh, Chhattisgarh, West Bengal etc.

  • GoDaddy initiates IPO

    GoDaddy initiates IPO

    MUMBAI: GoDaddy, the Scottsdale internet domain registration company, has filed a registration statement on Form S-1 with the US Securities and Exchange Commission relating to a proposed initial public offering.

     

    According to a press statement issued by the company, the number of shares to be offered and the price range for the offering has still not been determined. The company announced the filing in a tweet.

     

    International news websites have stated that GoDaddy has notified the Securities and Exchange Commission that it could raise about $100 million in an IPO.

     

    Morgan Stanley, JPMorgan Chase and Citigroup are leading the offering. Among the list of underwriters is KKR’s capital markets arm. He will remain as executive board chairman.

     

    In another recent development, the company also announced that its founder, Bob Parsons, will step down as executive chairman. GoDaddy was founded in 1997 and was bought in 2011 by a group of private-equity firms, led by KKR and Silver Lake, for $2.3 billion including debt.

     

    There have been reports that GoDaddy has reported a loss of $200 million or 79 cents a share on revenue of $1.13 billion in 2013. As of 31 March 2014, it reported assets of $3.25 billion against liabilities of $2.42 billion, including $1.09 billion in long-term debt.

     

    It was in the year 2005 that GoDaddy caught the attention of the world with its racy ads splashed during Super Bowl. Though the brand is known for its outrageous and funny ads in the last couple of years it has toned down its marketing. 

     

    It will be interesting to see how GoDaddy will reposition itself post IPO.

  • Twitter: Strong IPO, followed by even stronger opening

    Twitter: Strong IPO, followed by even stronger opening

    MUMBAI: It began with a tweet on its twitter handle which stated: “We just priced our IPO.” Attached with the tweet was a screen shot of the offering announcement.

    And by the time Wednesday 6 November ended, the social networking site that has become a phenomenon across the globe had managed to raise $2.09 billion from its IPO, making it the seventh-largest US tech IPO ever, just ahead of Google, which raised $1.92 billion in its 2004 stock market debut, according to some estimates.

    But there was more in store for stockmarket observers and investors as trading began on Thursday morning. The Twitter share – under the TWTR ticker – spurted 90 plus per cent in value as it soared to $45 per share during early trades and then to a high of $50. This took up the valuation of the firm to $25 billion or 32 billion or so, at the time of writing.

    Yesterday’s $26 price valued the microblogging service at $18.34 billion, on a fully diluted basis. That is 16 to 17 times forecast 2014 sales, a premium to rivals including Facebook, LinkedIn and Yelp, according to some analysts.

    Twitter set an early price range of $17 to $20 for its IPO, which was considered cautious. But there was strong interest from investors, and the company was selling just 70 million of its 545 million shares, leaving an imbalance between supply and demand. That allowed the company and its bankers, led by Goldman Sachs’ Anthony Noto, to raise the range to $23 to $25 and then pick a final price above that.

     

    Analysts felt that the price should have been in the $21 range but the final pricing zipped past that. Other analyst and stock watchers had predicted that the share would go past the $40 market during day one’s trading. The IPO was as much as 30 times over-subscribed.

    While Twitter has a broad and powerful influence, its service is sometimes tricky to understand and use, which has reportedly limited the company’s growth. Twitter has about 230 million users, including heads of state and celebrities, while Facebook has more than one billion.

    However, Twitter lost $65 million in the latest quarter.

    Twitter is expected to generate $1.24 billion in sales in 2015, according to some projections. Its adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) margins will be roughly 6.5 per cent this year and 8.4 per cent in 2014, according to IPO underwriter forecasts that were shared with investors. In 2015, margins may jump to about 16 per cent, the estimates suggest.

    During an interview given to CNBC, Twitter CEO Dick Costolo is believed to have said that investors should not be concerned about the company’s current lack of profits, since its part of a plan to invest for the long term.

    It looks like the investment community and public is buying his story for now – at least.

  • Twitter: Strong IPO, followed by even stronger opening

    Twitter: Strong IPO, followed by even stronger opening

    MUMBAI: It began with a tweet on its twitter handle which stated: “We just priced our IPO.” Attached with the tweet was a screen shot of the offering announcement.

     

    And by the time Wednesday 6 November ended, the social networking site that has become a phenomenon across the globe had managed to raise $2.09 billion from its IPO, making it the seventh-largest US tech IPO ever, just ahead of Google, which raised $1.92 billion in its 2004 stock market debut, according to some estimates.

     

    But there was more in store for stockmarket observers and investors as trading began on Thursday morning. The Twitter share – under the TWTR ticker – spurted 90 plus per cent in value as it soared to $45 per share during early trades and then to a high of $50. This took up the valuation of the firm to $25 billion or 32 billion or so, at the time of writing.

     

    Yesterday’s $26 price valued the microblogging service at $18.34 billion, on a fully diluted basis. That is 16 to 17 times forecast 2014 sales, a premium to rivals including Facebook, LinkedIn and Yelp, according to some analysts.

     

    Twitter set an early price range of $17 to $20 for its IPO, which was considered cautious. But there was strong interest from investors, and the company was selling just 70 million of its 545 million shares, leaving an imbalance between supply and demand. That allowed the company and its bankers, led by Goldman Sachs’ Anthony Noto, to raise the range to $23 to $25 and then pick a final price above that.

     

    Analysts felt that the price should have been in the $21 range but the final pricing zipped past that. Other analyst and stock watchers had predicted that the share would go past the $40 market during day one’s trading. The IPO was as much as 30 times over-subscribed.

     

    While Twitter has a broad and powerful influence, its service is sometimes tricky to understand and use, which has reportedly limited the company’s growth. Twitter has about 230 million users, including heads of state and celebrities, while Facebook has more than one billion.

     

    However, Twitter lost $65 million in the latest quarter.

     

    Twitter is expected to generate $1.24 billion in sales in 2015, according to some projections. Its adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) margins will be roughly 6.5 per cent this year and 8.4 per cent in 2014, according to IPO underwriter forecasts that were shared with investors. In 2015, margins may jump to about 16 per cent, the estimates suggest.

     

    During an interview given to CNBC, Twitter CEO Dick Costolo is believed to have said that investors should not be concerned about the company’s current lack of profits, since its part of a plan to invest for the long term.

     

    It looks like the investment community and public is buying his story for now – at least.

  • Manthan Broadband to invest big bucks to expand reach

    Manthan Broadband to invest big bucks to expand reach

    KOLKATA: The kingpin of the Multi System Operator (MSO) ecosystem in the East, Manthan Broadband Services has drawn an aggressive plan to secure its current position. Aware of the competitive market, this Kolkata-headquartered MSO plans to invest Rs 450 crore by 2014 end to upgrade its cable TV operations and also expand its reach in the eastern region.

    The cable operator which planned to install around 36 lakh Set Top Boxes (STBs) in the entire eastern region including Kolkata, rest of Bengal, Orissa, Jharkhand, Meghalaya and Assam by September 2014, has already installed around seven lakh STBs in Kolkata.

    While for the subscribers’ management system (SMS), Manthan is likely to sign a contract with an international brand soon. “We will soon be signing Rs 120 crore contract for the management work for 10 years. We will also invest to build best infrastructure which includes network, encryption, SMS and call centre,” informed Manthan Broadband Services director Sudip Ghosh.

    Created way back in 2002 through a merger of the operations of nine cable TV operators, Manthan has indeed come a long way.  The MSO caters to 30 lakh households, serving a greater part of Kolkata and West Bengal and other eastern regions with four digital headends and 40 analogue headends. It has more than 2,500 cable operator partners in the region.

    Manthan had earlier earmarked an investment of Rs 600 crore, out of which around Rs 150 core was spent in the markets of Kolkata and Jharkhand. “We will now spend Rs 450 crore in other states of the east. The promoters would invest a part of it and Manthan is looking at raising debt from banks,” added Ghosh.

    The company has a market share of 34 -35 per cent in the installed STBs offering 350 channels in Kolkata Metropolitan Area (KMA). Manthan has penetration in areas like Kolkata, Howrah, Hooghly, Baraipur and Chandannagar among others.

    On the company’s plans to hit the capital market with its initial public offering (IPO) to fund its expansion plans in the next two to three years, Manthan Broadband Services director Gurmeet Singh said, “We have started the backend work. There are many regulatory issues which we have to look at.”

    Also on the back of Indian rupee depreciating against the US dollar and Manthan as a company is likely to import more than 30 lakh STBs in the next one year. Ghosh said the import of the boxes have become costlier now as compared to when the rupee to dollar rate was Rs 46 – Rs 47 a dollar.

    “Even if the import cost for us is Rs 2,000, we give a subsidy to consumers and sell at Rs 999,” he hinted, saying that apart from other cable operators, it has a tough war to fight with direct-to-home (DTH) players. “We feel a hit at the revenue but it does not strike the bottom line up since we are in other added services too,” he said.

    Singh said that the company imports STBs mainly from China and added that if any local manufacturer sets up an assembling unit upon getting benefits and incentives from the government, it would help the industry people immensely.

    Manthan currently employs more than 300 people. This number will go up by another 30 per cent by 2014 end. The MSO currently serves more than 25 lakh households in the states of eastern region. “Of this we have around 18 lakh analogue cable connections,” he informed.

    According to sources, by September 2014, the rest of Bengal will witness 50 lakh STB installations. Also Orissa will see seven lakh installations, Jharkhand eight lakh-10 lakh, Meghalaya and Assam will register five lakh STB installations each.

    Commenting on the reach of Manthan, Hathway Cable and Datacom MD and CEO Jagdish Kumar G Pillai said, “The fragmented cable TV is likely to see some consolidation and the same applies to eastern region too. Manthan’s investment plans in the eastern region shows its commitment.”

    While aother MSO on the condition of anonymity stated: “Manthan had been performing well in the past but with digitisation kicking in, it has lost its hold on the market and dropped in its position. In terms of box supply and system integration, the company could not stand at par with its competitors. In fact recently due to funding issues, it has become difficult for it to operate in locations like Mednipur, Kharagpur and Bankura among other locations.”

    Industry sources feel that the company in order to move ahead and achieve such ambitious plans will have to work jointly with other companies, going forward.

  • Intelsat expected to raise $471.7 million from IPO

    Intelsat expected to raise $471.7 million from IPO

    MUMBAI: Intelsat, world‘s leading provider of satellite services, is expected to raise net proceeds of approximately $471.7 million after deducting the underwriting discounts and commissions and estimated offering expenses, from its initial public offering on the New York Stock Exchange.

    This is well below the $1.75 billion target that the satellite operator had set for itself while filing for the IPO 11 months ago.

    Intelsat is offering 19.32 million common shares at a price of $18 per share and concurrent public offering of three million Series A mandatory convertible junior non-voting preferred shares at a price of $50 per share.

    Total net proceeds from the offering of common shares, after deducting the underwriting discounts and commissions and estimated offering expenses, is expected to be approximately $328.8 million.

    Total net proceeds from the offering of Series A preferred shares, after deducting the underwriting discounts and commissions, is expected to be approximately $142.9 million.

    The Company intends to use substantially all of the net proceeds from the offerings to repay, redeem, retire or repurchase a portion of its outstanding indebtedness.

    Intelsat is the leading provider of satellite services worldwide. For over 45 years, Intelsat has been delivering information and entertainment for many of the world‘s leading media and network companies, multinational corporations, Internet Service Providers and governmental agencies.

    For the fiscal ended 31 December 2012, Intelsat had reported net loss of $146.6 million on revenues of $2.6 billion. The company had a contracted backlog of $10.7 billion.