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UFO Moviez IPO to open on 28 April, price band set at Rs 615–625

MUMBAI: Digital cinema distributor  UFO Moviez India Ltd, which was earlier planning to raise up to Rs 750 crore (Rs 7.5 billion) through an offer for sale (OFS), today said that its initial public offering (IPO) will be for Rs 600 crore (Rs 6 billion).

Opening on 28 April, the IPO will close on 30 April. The company has set the price band at Rs 615–625 per share of face value of Rs 10 each.

Private equity investors Providence (via P5 Asia Holding Investments [Mauritius] Ltd) and 3i Research (Mauritius) Ltd will offer their shares for sale, along with promoters selling their partial holdings.

AXIS Capital and Citi are the global coordinators and book-running lead managers for the offer, while Karvy Computershare is the registrar.

With 35.73 per cent stake, Providence is the largest shareholder in UFO Moviez. The other shareholders are 3i Research (21.49 per cent), Valuable Technologies (11.86 per cent) and Apollo International (8.75 per cent).

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UFO Moviez files for Rs 7.5 bn IPO; Providence, 3i to sell stake