Television

Inox to float IPO, plans 9-city expansion

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MUMBAI: Inox Leisure Ltd, which operates a chain of multiplexes, is all set to enter the capital market with its initial public offering (IPO).

The offer of 16,500,000 equity shares of Rs 10 each for cash at a premium will be decided through the book build process, the company announced in a release.

Part of the proceeds will be used for expansion into new territories. Inox plans to set up multiplexes in Hyderabad, Chennai, Lucknow, Vishakhapatnam, Raipur, Kolkata, Darjeeling, Bangalore and Jaipur. The company already operates eight operational multiplexes and has a total of 32 screens, across seven cities - Mumbai, Pune, Vadodara, Goa, Jaipur, Kolkata (two multiplexes) and Bangalore.

The offer consists of issue of 12,000,000 equity shares, of which 2,00,000 equity shares are reserved for allotment to employees of the company, and an offer for sale of 4,500,000 equity shares of Rs.10 each by Gujarat Fluorochemicals Limited, the promoter of the company.

The net issue to public, exclusive of the reservation of employees, would be 16,300,000 equity shares. This will constitute 27.17 per cent of the fully diluted post issue paid up capital of the company, informs the official release.

Of the net issue to public, 50 per cent has been reserved for allotment to qualified institutional buyers, of which 5 per cent is reserved for allotment to mutual funds, 15 per cent to non-institutional investors and the balance 35 per cent to retail investors on a proportionate basis.

Inox has entered into an alliance with Pantaloon Group of companies, which provides it with a preferential access, as a multiplex operator, to real estate developments.

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