Asianet Satellite Communications files DRHP for ₹765 crore IPO

Asianet, the internet service provider has expanded its services to Tamilnadu, Karnataka, Telangana, Andhra Pradesh, Maharastra and Madhyapradesh.

Asianet Satellite Communications Private Limited is an Indian multi-system operator. It is the largest cable network services company in Kerala. The company also has a subdivision, Asianet Broadband which is an internet service provider. Recently, Internet service provider Asianet Satellite Communications has filed the draft with the capital markets regulator Security and Exchange Board of India (SEBI) to raise Rs 765 crore through IPO.

The Initial Public Offering (IPO) is a process of offering shares of a private corporation to the public. IPO helps the company to raise funds from public investors. These funds can be utilised by the private corporation for various investments.

According to the draft red herring prospectus (DRHP), The Initial Public Offering includes fresh issuance of shares worth Rs 300 crores and an offer-for-sale of 465 crores by Hathway Investments. The company is going to utilise fresh issuance for the clearance of debts.

In the year 2020-2021, The company’s revenue operations grew from 13.12 per cent to Rs 510.07 crore. Whereas in the year 2019-2020 it grew from Rs 450.91 crore primarily due to improvement in revenue from its broadband business mainly as a result of an increase in broadband subscribers.

Established in 1992, Asianet is among the top three fixed-broadband providers in Kerala with a market share of approximately 19 per cent in FY21. Its cable television business, which is carried out by subsidiary Asianet Digital Networks, was among the top 13 MSOs/HITS operators in India as of June 2021.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time