Videocon d2h, the direct-to-home service provider from Videocon Group, made its debut on the Nasdaq on Tuesday with the listing of its $325 million American Depositary Receipts (ADRs). Earlier the company indicated that it was looking at a market cap of close to $1.20 billion on the listing day. With this listing, the company claims to have created several milestones including becoming the first Indian private company (since the year 2000) to list overseas, largest Indian IPO in US since 2007 and first sizeable Indian listing on US exchanges since 2010.
Videocon d2h, the direct-to-home service provider from Videocon Group, made its debut on the Nasdaq on Tuesday with the listing of its $325 million American Depositary Receipts (ADRs). Earlier the company indicated that it was looking at a market cap of close to $1.20 billion on the listing day. With this listing, the company claims to have created several milestones including becoming the first Indian private company (since the year 2000) to list overseas, largest Indian IPO in US since 2007 and first sizeable Indian listing on US exchanges since 2010.
With several multi-billion dollar funds investing in the ADR, the IPO caught attention of top US funds including US-based Silver Eagle Acquisition Corp. Expecting a market cap of close to $1.2 billion and an enterprise value of $1.5 billion, Videocon d2h management said it will become the most valued Indian company on Nasdaq.
Calling the Nasdaq listing a major corporate milestone, Saurabh Dhoot, managing director, Videocon d2h, said it is a testament to the tremendous progress we have made under the digital India vision of Prime Minister Narendra Modi.
"This is the success of thousands of Videocon d2h employees working tirelessly and our customers who believed in our brand, product and services," said Dhoot, adding that post this development, Videocon d2h will now have to file a new draft prospectus for an initial public offering (IPO) in the domestic markets.
Accordingly, post its October 2014 filing with capital market regulator Sebi for raising up to Rs 700 crore ($113.3 million), the company will have to file a fresh application with concrete details of which have not yet being made public.
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