Eros Int'l files for $250 mln US IPO, to delist from AIM

Fri Mar 30, 2012 7:37pm IST

People buy tickets at a counter in a multiplex movie theatre in Mumbai November 22, 2008. REUTERS/Arko Datta/Files

People buy tickets at a counter in a multiplex movie theatre in Mumbai November 22, 2008.

Credit: Reuters/Arko Datta/Files

Related Topics

Stocks

   

REUTERS - Film entertainment company Eros International PLC EROS.L filed for a U.S. initial public offering of up to $250 million and said it intends to delist from London's junior AIM market.

It decided to make the switch as the U.S. capital markets provide a more relevant peer group, broader analyst coverage, increased liquidity and access to additional capital on more favourable terms, Eros, which produces and distributes Indian film content, said.

Eros International is known for the distribution of films like "Zindagi Na Milegi Dobara" (You Only Live Once) and "RA.One", starring Bollywood actors Shahrukh Khan and Kareena Kapoor.

The company claims a distribution network that covers more than 50 countries and has offices in India, the UK, the United States, Dubai, Australia, Fiji, Isle of Man and Singapore.

Eros' Indian unit, Eros International Media Ltd (EROS.NS), was listed on India's Bombay Stock Exchange and National Stock Exchange in 2010.

Several Indian media companies have tied up with their U.S. peers in recent years. Last month, Walt Disney Co (DIS.N) took over UTV Software Communications Ltd, which produces television content in India. In 2009, billionaire Anil Ambani invested $325 million in Steven Spielberg's DreamWorks Studios .

For the nine months ended December 2011, Eros earned $45.5 million on a revenue of $166.2 million, according to its regulatory filing.

Eros named Deutsche Bank Securities, BofA Merrill Lynch, Citigroup and UBS Securities as the underwriters to the offering.

The company intends to list its common stock on the New York Stock Exchange under the symbol "EROS."

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO can be different.

Eros shares were up 2 percent at 242 pence at 1355 GMT on Friday on the London Stock Exchange.

(Reporting by Tanya Agrawal and Brenton Cordeiro in Bangalore; Editing by Sreejiraj Eluvangal)

FILED UNDER:

Entertainment Wrap

Reuters Showcase

Stake Sale

Stake Sale

Strong demand for Coal India boosts privatisation drive.  Full Article 

Pharma Deal

Pharma Deal

Sun Pharmaceutical wins U.S. approval to buy Ranbaxy  Full Article 

SpiceJet Bailout

SpiceJet Bailout

SpiceJet board approves up to $243 mln share sale plan  Full Article 

AirAsia Jet Crash

AirAsia Jet Crash

AirAsia captain left seat before jet lost control - sources  Full Article 

India Art Fair

India Art Fair

Art fair turns India's capital into art hub.  Full Article 

Romney Opts Out

Romney Opts Out

Republican Romney opts out of 2016 run for president.  Full Article 

Movie Review

Movie Review

"Rahasya" is an ode to Agatha Christie.  Full Article 

Safety Concerns

Safety Concerns

Aviation leaders seek new safety mandate after deadly 2014.  Full Article 

Movie Review: Hawaizaada

Movie Review: Hawaizaada

Movie Review: Hawaizaada  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage