The direct-to-home television broadcast services arm of India’s diversified Videocon Group is planning to raise between $150 million and $200 million through an initial public offer, four sources with direct knowledge of the matter said.
The unit, Videocon D2H, has picked Swiss bank UBS and Indian investment banks Enam Securities and ICICI Securities as advisors for the shares sale, said the sources, declining to be named as they were not authorised to speak to the media. The company plans to file the draft prospectus for the share offering by the end of next month and launch it in the first half of next year depending on market conditions, two of the sources told Reuters.
Billionaire Venugopal Dhoot, who controls Videocon Group that has interest in consumer electronics, telecoms and power, declined to comment. Videocon D2H launched its operations in 2009. Its rivals include Tata-Sky, a joint venture between India’s Tata Group and News Corp owned British Sky Broadcasting, and Airtel DTH from Bharti Airtel.