Videocon d2h, the Mumbai-based direct to home service operator, has completed its initial listing on the NASDAQ Global Select Market. The company began trading in U.S. on Wednesday, backed mostly by a USD325 million investment fund raised by Harry Sloan and Jeff Sagansky.
The DTH service provider had sold American depository receipts to Silver Eagle Acquisition Corp in January, 2015. SEAC is founded by Sloan and Sagansky. ”U.S. investor interest in the transaction has been strong as it affords U.S. investors the opportunity to participate early in the U.S. listing of Videocon d2h, which is the fastest growing DTH Pay-TV operator in India, the fastest growing pay TV market in the world. Beyond this very significant organic growth, we will be exploring numerous possibilities for the company to expand as a force in India’s developing media business,” Sloan said.
Videocon d2h, which was launched in 2009, has a subscriber base of 13 million and distributes over 500 digital television channels. The company has also introduced 4K format in India. The operator is currently awaiting nod from Securities and Exchange Board of India for initial share sale in the country. Promoters say that they will offer about 10% of shares to investors in the local IPO, reports Economic Times.
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