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Shemaroo looks to IPO for capital injection

Bollywood content company Shemaroo Entertainment is hoping to raise INR 1.15 billion from an initial public offering (IPO), having filed its draft red herring prospectus with the Securities and Exchange Board of India.

The IPO, which is predominantly to raise funds for working capital requirements, will be managed by Yes Bank and ICICI Securities, with Link Intime India acting as registrar.

The company, which has interests in content acquisition, value addition, content distribution, and film-based copyright, was established in 1962. It reportedly holds over 2,500 titles in its extensive video library, including Hindi films such as Ishqiya, Slumdog Millionaire, Ajab Prem Ki Ghazab Kahani and Mughal-e-Azam, as well as regional language titles.

Content from the company is distributed for television via satellite, terrestrial and cable networks, as well as across new media platforms. Shemaroo manages 32 channels on YouTube, and provides content management for Airtel Digital TV's interactive devotional service; the South Asian content on UK IPTV service BT Vision; and Tata DOCOMO's 3G video platform.

The company reported a net profit of INR 136.2 million on a total income of INR 1.60 billion in the year ending 31 March 2011. Its profit after tax grew 4196.5% on 2010, and its consolidated total income rose by 54.52%. Its debts amount to INR 1.28 billion.

Promoters currently hold 90.14% of Shemaroo's shares, with the remaining 9.86% stake owned by corporate bodies.

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