Videocon d2h has closed its initial public offer (IPO) process, and is getting listed on NASDAQ in the U.S., joining a select band of Indian companies that are listed on the U.S. bourses.
Raises $325 millionThe company is getting listed on NASDAQ late Tuesday night by issuing ADR (American Depository Receipts) worth $325 million to the public with a current market capitalisation of $1.15 billion.
"We had plans to have a simultaneous listing on the NASDAQ, the BSE and the National Stock Exchange (NSE),’’Venugopal Dhoot, Chairman, Videocon Group, told this correspondent.
"However, the NASDAQ authorities have responded very fast, and we chose to go ahead and list there first. We will list on the BSE and the NSE within the next three months,’’ he said.
Videocon d2h is the first Indian media company to list overseas and the largest Indian IPO in the US in over eight years.
The funds raised will be used for growth opportunities and to strengthen the financial position by deleveraging the balance sheet of the company, Mr. Dhoot, said adding that the company had a debt of around Rs.1,200 crore, which would be brought down.
