DQE set to go public next week
Indian animator to issue 16 million shares on BSENEW DELHI -- Indian animation and gaming major DQ Entertainment will enter the capital market with an initial public offering of 16.05 million shares to be listed on the Bombay Stock Exchange Limited.
The price band and the minimum bid lot will be announced by the company at least two working days prior to the March 8 IPO date, with subscriptions to the issue closing on March 10.
DQE plans to utilize proceeds from the IPO to funding co-production agreements, intellectual property content creation and expansion of facilities while also investing in its overseas subsidiary DQ Entertainment (Ireland) Ltd.
Of the 16.05 million shares, 15.73 million shares will be for the public, while 3.21 million are reserved for employees. After the IPO, DQE holding company DQ Entertainment (Mauritius) Ltd.'s equity will be reduced to 75% from 94.03%.
Last month, DQE raised 256.96 million rupees (US$5.58 million) through a pre-IPO placement with select investors.
Meanwhile, DQE also announced a coproduction with Marvel Entertainment and Method Animation for the second season of 26 episodes of “Iron Man” at a “multi-million Euro production budget,” the company said. The first season of “Iron Man: Armored Adventures” debuted in the U.S. on Viacom’s Nicktoons in April 2009.
Headquartered in Hyderabad with facilities in Mumbai and Kolkata, DQE employs over 2,800 permanent employees and its global client/partner base includes over 90 producers, distributors, broadcasters and licensors including Walt Disney Television Animation, Nickelodeon Animation Studios Inc., Electronic Arts, Marvel Comics, American Greetings, NBC-Universal and the BBC.