Television

Inox to expand to 23 multiplexes; IPO price band at Rs 100-120

MUMBAI: Inox Leisure Limited, which currently operates a chain of eight multiplexes in seven cities under the Inox brand, plans to scale up to 23 multiplexes across 16 cities over the next 30 months. The number of screens are to increase from 32 to 98 during this period.

The company, which is entering the capital market on 27 January with a public issue of 16.5 million equity shares of Rs 10 each, has fixed the price band between Rs 100 and Rs 120. The issue closes on 2 February.

The offer will consist of a fresh issue of 12 million equity shares and an offer for sale of 4.5 million equity shares by the promoter, Gujarat Fluorochemicals Limited.

The fresh issue portion will raise Rs 1.20 billion at the lower end of the price band and Rs 1.44 billion at the upper end. The funds raised from the issue will be utilised to set up new multiplexes on a capital outlay of Rs 1.11 billion. The rest of the proceeds will be for general corporate and issue expenses.

The issue will constitute 27.5 per cent of the fully-diluted post-issue paid-up capital of the company. Post IPO, the promoter's shareholding will come down to 66 per cent.

"Our strength lies in the fact that our multiplexes are at premium locations. Either they are in affluent areas or in places where there is heavy traffic of population," Inox Leisure director Deepak Asher said while addressing the press here today.

Inox has another advantage through its recent tie-up with the Pantaloon Group. According to this agreement, Inox will have preferential access to all real estate developments that the Pantaloon Group takes up as part of its retail chain. "This will provide us access to properties as we go ahead. Pantaloon has aggressive retail expansion plans and we will have the first right of refusal on these properties," Asher said.

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