Mumbai: Becoming India’s most valued company on the US stock exchange Nasdaq, television services provider Videocon D2H has raised USD 325 million through issuance of American Depository Receipts. The company, which recently deferred its plans to list in India, has attained a market cap of USD 1.15 billion with the issuance of its ADRs, which begin trading on Nasdaq today. The company said it has closed the initial public offering (IPO) process and is in the process of being listed on the American technology exchange by issuing American Depository Receipts (ADR) worth USD 325 million.
“We have achieved a market capitalisation to the tune of USD 1.15 billion on the Nasdaq. We will use the proceeds to continue the capex growth and further strengthening it by deleveraging,” Videocon D2H Managing Director Saurabh Dhoot told PTI. The company claimed that its IPO has created many milestones by becoming the first domestic private sector company since 2000 to list on an overseas bourse, largest Indian IPO in the US since 2007 and first sizeable Indian listing on a US exchange since 2010.
Videocon D2H is one of the fastest growing direct to home television broadcast service providers offering 500 channels and has over 12.8 million customers. The company is looking at doubling its subscriber base in four years from now. “Some of the top US funds with several multi-billion dollar funds have invested in the IPO and it is one of the first Indian companies’ sizeable listing at US exchange house since 2010,” he said adding that more than 300 shareholders participated in the IPO.
“We expect to continue our leadership position through our plans to more than double our subscriber base in the next four years,” Dhoot said.