India’s TataSky to mount IPO?
March 29, 2016
By Chris Forrester
India pay-TV broadcaster TataSky, 30 per cent owned by Rupert Murdoch’s 21st Century Fox (and 51 per cent by conglomerate Tata Groupo) is again contemplating mounting an Initial Public Offering (IPO). This is not the first time the operator has been rumoured to be considering a public float, but this time the reports seem well-founded.
The Times of India is saying that the business will issue new shares to the public but minority investor Temasek (10 per cent) is reported to be looking to exit.
Morgan Stanley Citi Bank and Kotak Mahindra Capital will manage the float said to be for 20 billion Rupees (about $300 million).
If the IPO goes ahead (and remember it pulled a similar scheme back in 2013) TataSky would be the third pay-TV broadcaster to have floated its shares, and follows on from Videocon d2h and Essel Group-controlled Dish TV, both of which are now listed.