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Tag: Kotak Mahindra Capital

  • Amagi files for Rs 1,020 crore IPO to boost tech and cloud expansion

    Amagi files for Rs 1,020 crore IPO to boost tech and cloud expansion

    MUMBAI: Clouds, cash, and content Amagi’s IPO play is streaming towards Dalal Street. Amagi Media Labs, the Bengaluru-based SaaS powerhouse fuelling global streaming, has filed its draft red herring prospectus (DRHP) with SEBI for a blockbuster IPO combining fresh equity of up to Rs 1,020 crore and an offer for sale (OFS) of 3.41 crore equity shares.

    The fresh issue will fund Rs 667 crore in tech and cloud infrastructure, while also financing future acquisitions and corporate purposes. The IPO will also give early backers including Premji Invest, Norwest Venture Partners, Accel, and Avataar Ventures, a chance to partially exit via the OFS route.

    Founded in 2008 by Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi has emerged as a global player in the Media & Entertainment (M&E) technology landscape. Its AI-powered, cloud-native platform supports content providers, OTT distributors, and advertisers in uploading, managing, and monetising video content whether it’s on smartphones, smart TVs, or streaming platforms.

    Today, Amagi works with over 45 per cent of the top 50 listed media and entertainment companies by revenue, cementing its position as the go-to “industry cloud” for streaming.

    The company is structured into three verticals Cloud Modernisation, Streaming Unification, and Monetisation & Marketplace serving television networks, film studios, production houses, telecom operators, OTT giants, and advertising platforms.

    Financially, the company is turning the corner with impressive top-line growth. In FY25, Amagi clocked Rs 1,162 crore in revenue from operations, posting a CAGR of 30.70 per cent from FY23 to FY25. Even more notably, its adjusted EBITDA margin turned positive at 2.02 per cent, bouncing back from -17.69 per cent in FY24 and -20.62 per cent in FY23, a strong indicator of improved operational leverage.

    Amagi may also explore a Pre-IPO placement of up to Rs 204 crore, which would reduce the fresh issue proportionally.

    Leading the IPO charge are Kotak Mahindra Capital, Goldman Sachs India, Citigroup Global Markets, IIFL Capital, and Avendus Capital, with the listing proposed on both the BSE and NSE.

    For a company that started out serving satellite TV channels, Amagi has now become a global cloud-streaming disruptor poised to write its next big chapter on India’s public markets. With video streaming only growing and cloud infrastructure becoming critical, Amagi’s IPO could be the signal investors have been waiting to tune into.

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  • Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    MUMBAI: In 2012 Tata Group chairman Cyrus Pallonji Mistry is believed to be offering Rs 2,000 crore for the Tata Sky’s amount of issue, according to a report.

    Mistry had had initiated the process to sell part of Tata Sky in his first initial public offering (IPO) move after becoming the group chairman and a recent report by Times of India says Tata Sky will also be the 30th publicly listed company from the Tata Group which currently has a combined market cap of nearly Rs 7.2 lakh crore.

    Early next week, the company’s investors, management, underwriters and counsel will hold the kickoff meeting to thrash out the red herring prospectus, Times of India reported.

    To take matters forward, Morgan Stanley, Citi and Kotak Mahindra Capital will manage the DTH provider’s offering in which Tata Sons owns 51per cent, media mogul Rupert Murdoch’s 21st Century Fox has 30 per cent, Singapore state investor Temasek 10 per cent, and Tata Opportunities Fund holds 9 per cent.

    Mistry has revived the plan to list Tata Sky on the domestic stock market, which will help the 47-year-old to part-monetize the asset by bringing in fresh funds to fuel the conglomerate’s growth plans and trim its debt. In fiscal 2015, its loss stood at Rs 267 crore.

    The report also stated that there are prospects of sale of new shares as well as of existing shares held by promoters including Tata Sons and Temasek, which has remained invested in Tata Sky since 2007. According to the report, Temasek wants to encash some of its holdings in the 12-year-old Tata Sky, which will have a gross profit of Rs 1,000 crore in fiscal 2016. Murdoch’s 21st Century Fox intends to retain its ownership, while Tata Opportunities Fund is undecided whether it wants to sell a stake in the IPO, the person added.

    Tata Sky intends to use the proceeds from the share sale to beef up its balance sheet. The company, which has emerged as the leader in the DTH field, will break even this financial year.

  • Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    Tata Group’s Cyrus Mistry plans Rs 2,000 crore IPO for Tata Sky

    MUMBAI: In 2012 Tata Group chairman Cyrus Pallonji Mistry is believed to be offering Rs 2,000 crore for the Tata Sky’s amount of issue, according to a report.

    Mistry had had initiated the process to sell part of Tata Sky in his first initial public offering (IPO) move after becoming the group chairman and a recent report by Times of India says Tata Sky will also be the 30th publicly listed company from the Tata Group which currently has a combined market cap of nearly Rs 7.2 lakh crore.

    Early next week, the company’s investors, management, underwriters and counsel will hold the kickoff meeting to thrash out the red herring prospectus, Times of India reported.

    To take matters forward, Morgan Stanley, Citi and Kotak Mahindra Capital will manage the DTH provider’s offering in which Tata Sons owns 51per cent, media mogul Rupert Murdoch’s 21st Century Fox has 30 per cent, Singapore state investor Temasek 10 per cent, and Tata Opportunities Fund holds 9 per cent.

    Mistry has revived the plan to list Tata Sky on the domestic stock market, which will help the 47-year-old to part-monetize the asset by bringing in fresh funds to fuel the conglomerate’s growth plans and trim its debt. In fiscal 2015, its loss stood at Rs 267 crore.

    The report also stated that there are prospects of sale of new shares as well as of existing shares held by promoters including Tata Sons and Temasek, which has remained invested in Tata Sky since 2007. According to the report, Temasek wants to encash some of its holdings in the 12-year-old Tata Sky, which will have a gross profit of Rs 1,000 crore in fiscal 2016. Murdoch’s 21st Century Fox intends to retain its ownership, while Tata Opportunities Fund is undecided whether it wants to sell a stake in the IPO, the person added.

    Tata Sky intends to use the proceeds from the share sale to beef up its balance sheet. The company, which has emerged as the leader in the DTH field, will break even this financial year.

  • Ortel IPO opens amidst buoyant stock market conditions

    Ortel IPO opens amidst buoyant stock market conditions

    MUMBAI: The Ortel Communications issue opened on 3 March. At  the price band of Rs 181-200, the cable TV last mile operator (LMO) is offering 9.5 million shares to the public. National Stock Exchange data showed that the issue had been subscribed 0.15 times by end of day one of the offer. The company plans to use the money  raised through the issue to deepen the penetration of its cable TV and broadband offering in the geographical regions it is present i.e. Odisha, Chhattisgarh, Andhra Pradesh and West Bengal ; increasing digitisation of its cable TV subscriber base (currently 20 per cent of its analogue universe has been digitised), upgrading technology for its broadband service; buying out of local cable operators and networks, and leasing fibre infrastructure to corporates.

    At the time of writing, the IPO had received a mixed response from the investing community and research analysts. While one group says the price band is too high, another bunch has expressed that the Ortel stock has long legs and could go far. 

    Says a bullish observer: “The Ortel IPO offer is at 10 times EBIDTA for FY 2015. That’s pretty fair compared to 17 times EBIDTA for Hathway Cable & Datacom and seven times EBIDTA for DEN Networks,” says a research analyst. “We see the share appreciating after listing.”

    However, a bear stated that Hathway was quoting in the Rs 60-65 range, while DEN was in the Rs 120 band. “The Ortel price is too high when you compare it to what these stocks have notched up,” she said. “We expect to pick up Ortel after listing when we believe the overpricing will get corrected.”

    An ICICI Direct IPO review pointed out that Ortel’s low subscriber base of 0.5 million cable TV homes puts it at a competitive disadvantage against national MSOs such as DEN and Hathway which have 12 million subscribers each. 

    But another industry expert  points out that Ortel owns most of its subscriber base, aka as the last mile, which means it will reap the digital dividend and the moolah will straightaway accrue to its top line, and bottom line as it digitally connects more of them.

    He also points out to the low floating stock of Ortel that is on offer, which is likely to keep the price buoyant.

    At the time of writing, a positive sentiment had been ruling on the stock market with the National Stock Exchange Nifty  crossing an important threshold that of the 9,000 barrier which it did during intraday trading only to fall back to 8996 by close.

    The anchor investors for the IPO are Axis Mutual Fund (900,000 shares) and ICICI Prudential Life Insurance (1.657 million shares), while Kotak Mahindra Capital is managing the issue.

    The next two days (the issue is slated to close on 5 March) will throw clarity on which sentiment will hold its sway on investors during Ortel’s offering. 

  • 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.