TV Today files prospectus for IPO

TV Today Network (TVTN) on Wednesday said it has filed draft red herring prospectus with the Securities and Exchange Board of India for its over Rs 100 crore (Rs 1 billion) initial public offering, involving 14.5 million shares.

This will include a fresh issue of 10 million shares while the balance 4.5 million will be sold by the network's existing shareholders, TVTN said in a statement in New Delhi.

The company's shares will be listed on the Bombay and National Stock Exchanges on completion of this IPO, which is being managed by J M Morgan Stanley as the lead manager.

While Kotak Mahindra Capital Company and ICICI Securities are co-book running lead managers, MCS Ltd will be registrar to the issue.

This proposed issue of shares will take the total equity shares outstanding from 48 million to 58 million and half of these will be allocated to qualified international buyers on a discretionary basis, while at least 25 per cent will be allocated to non-institutional investors and another at least 25 per cent to retail investors on a proportionate basis.

TVTN owns news channels Aaj Tak and Headlines Today and is part of the Living Media Group with publications including India Today magazine.