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SEBI clears Sadbhav Infra, UFO Moviez IPO plans

06 April, 2015

The capital markets regulator Securities and Exchange Board of India (SEBI) has given its approval to the proposed initial public offerings (IPOs) by Sadbhav Infrastructure Projects and UFO Moviez India, according to a disclosure.

The two companies had filed their respective draft red herring prospectus (DRHP) with SEBI in December last year.

Sadbhav Infrastructure, an infrastructure sector player primarily involved in the development of highways and road projects, plans to raise Rs 600 crore (just under $100 million) through fresh issue of shares in the IPO. In addition its existing investors, Xander and Norwest Venture Partners are looking to part-exit in the proposed public issue.

Started in 2007, it specialises in road-related build-operate-transfer (BOT) projects. Its operations are spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Haryana, Madhya Pradesh and Telangana besides border check posts in Maharashtra.

On the other side, UFO Moviez will see both its private equity backers 3i and Providence sell some or all of their shares in the offer-for-sale worth Rs 750 crore ($118 million).

UFO Moviez is India’s largest digital cinema distribution network and in-cinema advertising platform (in terms of numbers of screens), according to CRISIL. It operates a satellite-based, digital cinema distribution network. It is co-promoted by Sanjay Gaekwad, Narendra Hete and Apollo International.

Meanwhile, Videocon Group’s satellite television arm Videocon d2h Ltd, which had filed its DRHP in October last year to raise around Rs 700 crore via IPO, has withdrawn its DRHP from SEBI.

This is the second time, Videocon d2h has dropped its IPO. It had previously filed documents in December 2012 and had received an approval from securities market regulator SEBI but did not go ahead with the public float due to subdued equity markets.

However, this time the reason could be different. The firm floated some shares through an ADS issue and has got listed on NASDAQ last week. The firm’s top management had told news agency Reuters that it would re-file its documents with SEBI to go public in India.

(Edited by Joby Puthuparampil Johnson)


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SEBI clears Sadbhav Infra, UFO Moviez IPO plans

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