Tata Play Likely To File DRHP For $400 Million IPO By September End: Report

Tata Play Likely To File DRHP For $400 Million IPO By September End: Report

by Swarajya Staff - Saturday, September 3, 2022 02:28 PM IST
Tata Play Likely To File DRHP For $400 Million IPO By September End: ReportTata Play logo

Tata Play, the satellite television business of the Tata group, is expected to file the draft red herring prospectus (DRHP) for its initial public offering (IPO) by September end.

In January 2022, the Tata group rebranded Tata Sky as Tata Play to reflect its business interests growing beyond Direct To Home services and aid further diversification into allied businesses such as OTT and broadband.

Tata Sky commenced operations in 2004 as an 80:20 joint venture between a joint venture between Tata Sons and TFCF Corporation (formerly known as Twenty-First Century Fox, Inc.) and now a part of the Walt Disney Company.

In 2008-09, Singabore-based Temasek Holdings picked up a 10 per cent stake in Tata Play from the Tata Group.

Later in FY13, Tata Opportunities Fund and Tata Capital Ltd acquired an equity stake in the company.

In August last year, It had been reported that the company was planning to go public.

“Work on the IPO had started last year but was put on the back burner for a while as the company undertook a rebranding exercise and the markets too started to look difficult in the early part of the calendar year," one of the people aware of the development was quoted in a Livemint report as saying.

"However, work on the draft red herring prospectus (DRHP) was restarted recently and efforts are in full swing to file the DRHP by end of this month," the person cited above said.

The IPO is likely to range between $300-400 million at least.

In the proposed IPO, investors Temasek and Tata Capital will sell part of their stakes in the company.

The company also plans to raise money for its use from the IPO.

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