NEW DELHI: The Aroon Purie-controlled TV Today Network has finalised its draft prospectus to be filed with the Securities Exchanges Board of India (SEBI) for the company's maiden public offering.

The company, which looks after the running of the popular Aaj Tak news channel and its English language sibling Headlines Today, is aiming at raising between Rs 1300 million and Rs 1500 million from the market, by offloading 14.5 million shares and issuing 10 million fresh shares that will constitute 25 per cent of the total equity.

Post-IPO the holding of parent company Living Media in TV today would go down to 55.7 per cent. The equity that will be held by other significant stakeholders after the IPO are as follows: ICIC Trusteeship Services 8.3 per cent; Anika International's stake would go down to 0.7 per cent; Bharti Systel would go down to 4.1 per cent and GE Caps at 6.2 per cent.

Although the issue size has not yet been defined in the draft prospectus, the scrip will be listed on both the National Stock Exchange and the Bombay Stock Exchange.

As already reported on indiantelevision.com, the market is abuzz with news that TV Today Network would soon be starting road shows in about 10 cities, including the four metros - Delhi, Mumbai, Kolkata and Chennai - to create an awareness amongst the public and the investor community about its IPO.

Merchant bankers JM Morgan Stanley are the lead managers for the IPO that is being planned to hit the market around the third week of December

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