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Videocon d2h re-files for an IPO to raise up to Rs 700 crore

Direct-to-home (DTH) service provider Videocon d2h has re-filed (pdf) its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The starting price or the number of shares being offered is yet to be disclosed, however the company has informed that it is raising up to Rs 700 crore through this offering. Seven banks including Axis Capital, Edelweiss, ICICI Securities, IDBI Capital, UBS, SBI Capital Markets and Yes Bank have been appointed as joint book runners. In the filing, Videocon d2h also notes that it is looking to raise up to Rs 50 crore through a pre-IPO placement of up to 5 million shares (5,000,000 equity shares) with a face value of Rs 10 each. It's worth noting that Videocon d2h had previously filed for an IPO in December 2012 and had also received SEBI approval in March 2013. However, it hadn't gone ahead with the offering due to unfavourable market conditions. Use of Net Proceeds: Of the Rs 700 crore, Videocon d2h intends to use Rs 350.8 crore to buy standard definition and high definition set-top boxes, outdoor units and accessories, and Rs 175 crore to repay certain debt, and the remaining for general corporate purposes like working capital requirements, capex and brand building exercises. Videocon started its DTH operations the country in July 2009 and, as of June 30, 2014, it has 11.21 million gross subscribers with a market share of 16.2% of the gross DTH subscriber base across India. It offers 495 national…

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