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Shemaroo Entertainment’s Rs 120-crore public float opens on 16 September

MUMBAI: Shemaroo Entertainment, known in its initial years as a video rental library, will open its Rs 120-crore initial public offering (IPO) on 16 September.

This will be the first IPO of 2014 in the media and entertainment (M&E) sector. As reported earlier by TelevisionPost.com, Ortel Communications is also planning to soon file afresh with the market regulator SEBI for an IPO.

Shemaroo EntertainmentShemaroo Entertainment is expected to announce the price band of its IPO on Wednesday. The IPO will close on 18 September, according to information with the SEBI.

The company has offered a 10 per cent discount to retail subscribers. Of the shares offered, 60 per cent will be offered to qualified institutional buyers (QIBs).

Shemaroo had received the nod from SEBI in February to launch its public float. The company had filed its draft red herring prospectus (DRHP) in June last year.

Shemaroo will use the net IPO proceeds to fund its working capital requirements and for general corporate purposes.

The lead managers of the issue are Yes Bank Ltd and ICICI Securities Ltd.

Shemaroo’s shares will be listed on the National Stock Exchange and the BSE.

Founded on 29 October 1962, Shemaroo is a media and filmed entertainment content company. Its content library consists of over 2,900 movie titles in Hindi, Marathi, Gujarati, Punjabi, Bengali and other languages.

The company reported consolidated revenue of Rs 265.95 crore (Rs 2.66 billion) in the fiscal ended March 2014, up 23.07 per cent from the earlier year. Net profit rose 16.32 per cent to Rs 27.26 crore (Rs 272.6 million).