After numerous failed attempts to list the company in India, Tata Group and The Walt Disney India, the joint venture partners of Tata Play (formerly Tata Sky), have now decided to conduct an initial public offering (IPO), according to news reports.
One of the reports added that the top direct-to-home (DTH) platform has already selected Cyril Amarchand Mangaldas (CAM), one of India’s largest corporate law firms, to provide advice on the IPO and subsequent listing, as well as Kotak Mahindra Bank as the lead banker.
In order to launch the DTH business with a 20% share, Murdoch-owned Fox and the Tata Group formed a joint venture. Later in 2008, Temasek Holdings of Singapore purchased a 10% share in the business.
Tata Play reported operating revenue of Rs4,741 crore and a net profit of Rs68.6 crore for FY22, with 18.3 million active pay users as of March 31.
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