Broadcaster Nimbus Communication, which operates sports channel Neo Sports, is in talks with banks to float an initial public offer (IPO) for nearly Rs 300 crore.Sources said that four domestic banks and three global banks met the management early last week. The IPO is likely to hit the market in 6 months.
Early this year in January, three foreign private equity investors 3i, Cisco and Oman International Fund stuck a private equity investment deal with the broadcaster for Rs 552 crore.The deal is one of the largest private equity investments in the media and entertainment sector.
At that time, Nimbus’ chairman Harish Thawani confirmed that this would be the final round of private equity investment before the company was listed. The investment was through compulsory convertible debentures which was likely to converted before the company’s listing.
Read more in The Business Standard article.
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