Latest IPO's To Make Money : UTV to raise $100m from Nasdaq listing
UTV Software Communication is planning a Nasdaq float to raise about $100 million. UTV is believed to have valued itself at about $700 million. It will be the first entertainment listing from India on the Nasdaq. The move comes on back of the fact that UTV has entered into a binding term sheet with a major US broadcaster for the launch of six channels. The US broadcaster, it is learnt, will be looking at investing directly in the company post listing. The triggers for the listing comes from the fact that two of its Hollywood films with FOX, Namesake and a Chris Rock movie, is slated for a worldwide release in March. That apart, UTV’s co-production deal with Will Smith for two films will go into production this year. The company is also in advanced talks with Disney, FOX and Sony. According to a source, “It is true that Mr (Ronnie) Screwvala and the top management have been camped in the UK and the US most of this month, and everyone is very tight-lipped internally.” Ronnie Screwvala, CEO, UTV Software Communications, when contacted said, “We do not comment on market speculations.” UTV is also believed to be in talks to rope in Sameer Nair, the former COO of Star India, for a JV that will float a company to launch a clutch of channels for the Indian market.
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