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Shemaroo’s Rs 120 crore IPO subscribed 5x

Shemaroo LogoBollywood content aggregation company Shemaroo’s Rs 120 crore IPO closed with bids at 5 times the number of shares offered for purchase. On the last day, Foreign institutional investors applies for 2.3 million shares, taking the bids from Qualified Institutional Buyers (QIBs) to 1.83 of the amount allocated to the segment. Retail investors applied for 5.6 times the number of shares allocated, while non institutional buyers applied for 7.9 times the shares allocated to the segment.

Bids were spread evenly across the price range of Rs 155-170, with the lowest bids at cut-off.
shemaroo-final-ipo.jpg

shemaroo-ipo-bids

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:

– YouTube Tie-up: Shemaroo has tied up as an official channel partner on YouTube and is currentlymanaging 32 channels on the service. This includes Shemaroo Movies, Shemaroo Entertainment and Filmi Gaane among others.

Besides this, it has agreements with video on demand services like Daily Motion, Yahoo India and Spuul among others.

Shemaroo YouTube Views

– MVAS tie-ups: Shemaroo has tie-ups with telcos like Airtel, BSNL, Tata Teleservices, Reliance Communication, MTNL and Tata Docomo to distribute content like caller ringback tones, ringtones, wallpapers, imagery, videos, games, full songs, celebrity chats.

The company claims to have more than 30,000 caller ringback tones available on these platforms as of now.

– 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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