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    Default Eros Intl plans US IPO to raise $250 mn

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    Mumbai-based media and entertainment firm Eros International on Friday said it is planning an initial public offering in the US to raise up to $250 million to fund co-productions and acquisitions.

    The company plans to list its shares on the New York Stock Exchange (NYSE), while at the same time intends to delist from the London Stock Exchange.

    In a filing to the SEC, the company said the proposed maximum aggregate offering price will be $250 million through issue of shares of face value of 0.10 pound.

    It, however, in another filing to the London Stock Exchange (LSE) said: "The number of shares to be offered and the price range for the offering have not yet been determined."

    The LSE-listed firm has appointed Deutsche Bank Securities Inc, BofA Merrill Lynch, Citigroup and UBS Securities LLC as joint-bookrunners for the IPO.

    The delisting from LSE will to become effective as soon as practicable after listing of shares on the NYSE, it said.

    Commenting on the purpose of the US IPO, the company's SEC filing said: "We intend to use the net proceeds from this offering to fund new co-productions and acquisitions, including catalog content, to grow our digital and other distribution channels and for general corporate purposes."

    The acquisitions will also include of Hindi and regional film catalogue content and film-related content.

    The company considers a US listing most appropriate as it believes US capital markets provide more efficient access to additional equity capital on more favourable terms and more relevant peer group of similar companies, it said.

    For the nine months ended 31 December 2011, the company's turnover was $166.3 million.

    The company is engaged in production, acquisition and distribution of Indian language films. It has rights to over 1,900 films and digital rights for additional 700 films.

    The group has a distribution network that spans over 50 countries, with offices in India, UK, USA, Dubai, Australia, Fiji, Isle of Man and Singapore

    In 2006, Eros International Plc , the holding company of the Eros Group, became the first Indian media company to list on the Alternative Investment Market (AIM) of the London Stock Exchange, according to the company's website.

 

 

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