Newgen Software plans IPO; Zee may buy BTVi; Finland’s Taleeri eyeing solar assets
Photo Credit: Shah Junaid/VCCircle

Delhi-based Newgen Software Technologies Ltd plans to float an initial public offering and is likely to file a draft red herring prospectus within a few weeks, The Economic Times reported, citing two people aware of the development.

The size of the IPO is likely to be about Rs 500 crore. It is not known if existing investors in the company would look for an exit, the report added.

Newgen is backed by private equity firm Ascent Capital, venture capital firm IDG Ventures India and Sapphire Ventures (earlier known as SAP Ventures).

In 2014, Ascent Capital and IDG had picked up a 12% and 6% stake in the company, respectively.

In 2008, enterprise software maker SAP’s venture capital arm had invested $2.37 million for a 3.54% stake in the company.

Newgen earned a net profit of Rs 28.7 crore on net sales of Rs 346 crore in 2015-16.

Another report in The Economic Times said that Subash Chandra-promoted Zee Media Corporation Ltd is in advanced talks to buy billionaire Anil Ambani-led Business Broadcast News Pvt Ltd, which operates English news channel Business Television India (BTVi).

Zee Media could pay between Rs 80-100 crore for the company, the report added, citing people aware of the development.

Last year, Zee Media had signed a pact with Ambani’s Reliance Broadcast Network Ltd to acquire a 49% stake in its radio business and 100% in general entertainment TV business for Rs 1,900 crore ($283 million) including debt.

Meanwhile, a report in the Mint newspaper said that Finland-based Taleeri Group is looking to acquire solar energy assets in India.

The group’s parent company, Taleeri Plc, is listed on the Nasdaq Helsinki exchange. Taleeri Plc’s energy subsidiary, Taleeri Energia Oy, was established in July 2016.

Taaleri Energia works in international energy infrastructure markets seeking new investment opportunities, according to the annual report of Taleeri Plc.

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