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Shemaroo’s Rs 120 crore IPO subscribed 1x on day 2

Shemaroo LogoBollywood content aggregation company Shemaroo’s Rs 120 crore IPO saw significantly more participation on day 2, with the retail investor allocation being oversubscribed at 126%, and Qualified Institutional Buyers (QIBs) finally putting in bids.  QIBs bought around 23% of their total allocation, while Non institutional buyers picked up only around 6% of their total allocation.

Once again, bids were evenly spread across the Rs 155-Rs 170 price band, with a maximum of 5.75 million bids at the Rs 155 level, and the lowest at cut-off at 4.78 million. For most price points, bids were around the 1.4 million mark. IPO bids typically peak on the last day.

shemaroo2

Shemaroo had sold 2,117,605 shares at Rs 170 with anchor investors for Rs 36 crores on September 15th, before the IPO opened. Investors mostly included funds from HDFC and Birla Sun Life, with HDFC picking up around 55%, and Birla Sun Life picking up the remaining 45% of that issue.

Shemaroo Financials

Shemaroo’s consolidated total income was at Rs 265.95 crore in FY14, up 23.1% year-on-year (YoY). The profit after tax was at Rs 27.27 crore in FY14, up 16.3% YoY while EBITDA was at Rs 65.69 crore, up 11.9% YoY. The consolidated net worth of Shemaroo as of March 31, 2014 is Rs 174.45 crore. Its group company, Think Walnut, posted total sales of Rs 1.82 crore for FY14, up from Rs 0.65 crore in FY13. The net loss was at Rs 0.19 crore for the fiscal, as compared to Rs 1.3 crore loss in FY13.

Notes from the IPO filing:
– Shareholding: Shemaroo managing director Raman Maroo and joint managing director Atul Marucurrently owns 24.23% stake each in Shemaroo. Chairman Buddhichand Maroo has 18.01% stake and Shemaroo CFO Hiren Gada has 8.27% stake. Director Jai Maroo who currently guides Shemaroo’s digital distribution strategy has 6.22% stake. He is also the sole beneficiary of a trust that owns entire shareholding in Technology and Media Group PTE Ltd that owns 9.18% stake in Shemaroo.

Other prominent shareholders include Radhika Hotels Private Limited (0.84% stake), Jungle Ventures managing partner Jayesh Parekh (0.77% stake), Shemaroo vice president of broadcast syndication and content acquisition division Vinod Karani (0.58% stake), Mahendra Chedda (0.51% stake), Shaan Realtors Private Limited (0.51% stake), Golden Future Investments Private Limited (0.51% stake) and Nikhil Prataprai Gandhi Family Trust (0.51% stake).

Shemaroo Shareholding

– Content Library: Shemaroo’s content library consists of more than 2,900 titles. This includes 759 titlesover which it has complete ownership rights (of which 355 are Hindi films, 364 are regional films and 40 are “special interest content” like devotional and kids content) and 2,159 titles over which it has Aggregation Rights, of which 1289 are Hindi films, 728 are regional films and 142 are special interest titles.
– Content Management partnerships: Shemaroo mentions that it is moving beyond just content aggregation to provide content management solutions to various partners. This includes powering the Re 1 WAP store for Reliance Communications and offering interactive devotional service iDarshan for Airtel Digital TV. Note that Shemaroo had also partnered with MTS India to offer its devotional service ‘iDivine‘ as a value added service for MTS MBlaze subscribers in September last year.

More from the IPO filing, including shareholding structure details, here.

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