You Broadband and Cable plans Rs 3.6 billion IPO

MUMBAI: Citigroup Venture Capital-controlled cable broadband service provider You Broadband and Cable plans to raise Rs 3.58 billion through a public float, joining a troop of cable companies such as Den Networks and Hathway Cable and Datacom that have tapped the capital market in recent times.

You Broadband and Cable intends to use Rs 1.57 billion out of the net proceeds of the initial public offering (IPO) towards capital expenditure in the broadband business.

The company also plans to invest Rs 850 million in cable TV venture Digital Outsourcing Pvt. Ltd (DOPL) where it holds a 36.24 per cent stake. Invested by means of loans or equity subscription, the amount would be used for purchase of set-top boxes, head-end equipments, software and acquisition of subscribers.

You Broadband and Cable will use Rs 128.27 million for acquisition of additional equity shares in DOPL and Rs 171 million for working capital. The company intends to repay Rs 48.4 million towards outstanding loans.
You Telecom (Mauritius), the CVC company, holds 82.44 per cent stake in You Broadband while Bennett, Coleman & Company Ltd has 4.41 per cent and 8.27 per cent rests with You Telecom Employee & Welfare Trust.

You Broadband is considering a pre-IPO placement of up to 90 million equity shares with various investors.  
The company has been suffering losses since the last five financial years. For the six-month period ended September 2009, You Broadband and Telecom reported a loss of Rs 94.59 million on a total income of Rs 376.47 million.

Edelweiss Capital is the book running lead manager to the issue.

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