DQ Entertainment International Ltd IPO
Animation and gaming firm DQ Entertainment (International) Ltd plans to raise up to 1.28 billion rupees through an initial public offer of 16.05 million shares.The company has set a price band of 75-80 rupees a share for the issue, which would constitute 20.24 percent of the post-issue capital, it said in a statement.
The funds raised from the issue will be used for investment in co-production deals, development of production units and office facilities, investment in its Ireland unit and for general corporate purposes, it added.
The company plans to spend 520 million rupees in 2010/11 for setting up a special economic zone in Andhra Pradesh, said Rashida Adenwala, head company affairs and investor relations for DQ Entertainment.
It is also spending 1 billion rupees on development of intellectual properties in 2009/10 and 2010/11, Adenwala added at a media briefing.
DQ Entertainment, which already employs over 2,800 people, is likely to hire about 600 employees more, mostly for the upcoming SEZ, Tapaas Chakravarti, chairman and chief executive, said.
The company, which derives 70-72 percent of its revenue from Europe and rest from the US, has an order book of $95.07 million, Chakravarti said.
DQ posted a profit of 161 million rupees on total sales of 1.5 billion rupees for the year ended March 2009.
In February, DQ raised 256.9 million rupees through a pre-IPO share sale to IDFC Investment Advisors and other corporate and high net worth investors, with IDFC taking the largest chunk of shares worth 200 million rupees.
DQ has produced/co-
The global animation market, estimated at $68 billion in 2008, is expected to grow at a compounded annual growth rate of 10 percent to hit $100 billion by 2012, according to a Nasscom-Ernst & Young report quoted in the red herring prospectus.
The issue opens on March 08, 2010, and closes for subscription on March 10, 2010. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
- IPO Review By India Bulls:- DQ Entertainment International IPO Report By India Bulls
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- Fitch Report :- Fitch Report For DQ Entertainment International LTD IPO
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