MUMBAI: Eros International revealed on 14 May, that it plans an IPO (Initial Public Offering) on the London Stock Exchange. Evolution Securities is acting as adviser and broker for the planned listing, on London’s Alternative Investment Market (AIM).
The flotation follows a placing of the company’s shares, which raised over Â£22.5 million ($41 million). The company will be capitalised at approximately Â£176.0 million ($321 million), at the placing price of at Â£1.76 per ordinary share, when the shares commence trading this morning, making Eros the largest listed company in the Indian film industry in terms of market capitalisation.
Eros International chairman and CEO Kishore Lulla said, “This is an exciting day for everyone at Eros, and a new chapter in the growth of our business. We are proud to be bringing Eros to the market and today marks the start of Eros as a publicly traded company.”
Eros has a library of about 1,000 titles and is counted amongst the large content owners in Bollywood averaging around 35 films a year. Formed in India in 1977 the company owns, creates and distributes Indian film titles from offices in London, New York and Australia, among others.
The company’s shares were admitted to the London Stock Exchange’s Alternative Investment Market on 4 July 2006.