The company, which looks after the running of the popular Aaj Tak
news channel and its English language sibling Headlines Today, is
aiming at raising between Rs 1300 million and Rs 1500 million from
the market, according to Mumbai-based sources in the capital market.
However, it is still not clear at the moment how much would be
offered to the public and by what quantum the promoter(s)'s holding
would come down post the initial public offer (IPO). The market
is abuzz with news that TV Today Network would soon be starting
road shows in about 10 cities, including the four metros - Delhi,
Mumbai, Kolkata and Chennai, to create an awareness amongst the
public and the investor community about its IPO.
Merchant bankers JM Morgan Stanley are the lead managers for the
IPO that is being planned to hit the market around the third week
of December, coinciding with the festive season. The procedure is
that after filing the draft prospectus, the formal listing can be
done slightly less than a month after that. SEBI generally takes
three weeks from the date of filing the papers to complete its scrutiny.
Market sources also indicated that apart from the Bombay Stock
Exchange, the TV Today Network scrip may be listed on some of the
regional stock exchanges too. However, a final decision on this
is yet to be taken by the lead managers and the company concerned.
As per information available, ICICI and the Bharti group hold minority
stakes in TV Today Network with the latter's shareholding being
10 per cent. According to market sources, TV Today has shortlisted
a public relations company, Integral PR, to undertake some publicity
work relating to its IPO. In the race for this account were two
other agencies, including Mumbai-based Sampark.
In the recent past, another media company that went public was
BAG Films, promoted by the husband-wife duo of Member of Parliament
Rajiv Shukla and Anurradha Prasad. The company had offered 25 per
cent to the public with the issue size being about Rs 140 million.
The issue was over subscribed by eight times.