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Shemaroo lists at Rs 180, 5.9% premium to offer price

Shemaroo Logo

Bollywood content aggregation company Shemaroo Entertainment opened for trading on the Bombay Stock Exchange at Rs 180, up 5.88% from its offer price of Rs 170.

At the time of writing this post, it was trading at Rs 171, a marginal 0.6% higher than its offer price. The shares so far has reached a peak of Rs 181 and a low of Rs 171, which is still higher than the offer price. The company currently has a free float market cap of Rs 92.96 crore and a total market cap of Rs 464.82 crore.

Shemaroo closed its IPO subscription on September 18, 2014, with bids being subscribed 7.26 times over, as per Moneycontrol. Retail category was subscribed 7.5 times, while high net individuals category was subscribed 8.64 times and qualified institutional buyers (QIBs) category was subscribed 5.7 times. Earlier this week, the company fixed the issue price at Rs 170, with a Rs 17 discount to retail investors.

Shemaroo had also sold 2.12 million shares (2,117,605 shares) at Rs 170 to anchor investors for Rs 36 crores on September 15, 2014, 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. Following this offering, promoters have reduced their stake in the company from 90.2% to 65.8%.

Shemaroo Shareholding

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 that provides data services including mobile and Internet data services, 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.

– YouTube Tie-up: Shemaroo has tied up as an official channel partner on YouTube and is currently managing 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.

– Content Library: Shemaroo’s content library consists of more than 2,900 titles. This includes 759 titles over 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.

Our Shemaroo IPO Coverage

– The Lowdown – Shemaroo IPO; Digital tie-ups, Distribution, Rights & More
Shemaroo’s Rs 120 crore IPO subscribed 28% on first day
Shemaroo’s Rs 120 crore IPO subscribed 1x on day 2
Shemaroo’s Rs 120 crore IPO subscribed 5x

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