Indian Film Distributor Eros Plans $200 Million IPO

Hrithik Roshan in “Krrish 3,” recently released by Eros International.

Hrithik Roshan in “Krrish 3,” recently released by Eros International.

By Indiawest

United States: Eros International, which produces and distributes Indian films in more than 50 countries, announced terms for an initial public offering Oct. 29.

The Secaucus, N.J.-based firm plans to raise $200 million by offering 12.5 million shares at a price range of $15-$17 a share. Its proposed symbol is “EROS” and it will trade on the New York Stock Exchange.

The company is capitalizing in a hot market for IPOs. In October, there were 33 offerings on Wall Street, making it the busiest month since November 2007. So far this year, 190 companies have gone public, according to Dealogic.

Eros is one of 12 companies scheduled to go public the week of Nov. 11.

Founded in 1977, Eros reported net income of $27.1 million and revenue of $215.3 million in March, according to Bloomberg Businessweek. The company has 1,900 films in its library and digital rights to 700 other movies, reported, quoting the IPO announcement.

Eros is already listed on the London Stock Exchange, where shares are trading at $4.75. Its Indian subsidiary, Eros International Media Ltd., is listed on the Mumbai Stock Exchange and India’s National Stock Exchange

Because of the London listing, some analysts feel that the upcoming stock sale is not technically an initial public offering.

“It’s an interesting offering because, first of all, it’s an Indian film production company offering in the United States, so you don’t see that very often,” John Fitzgibbon, founder of IPO research firm, told

“But their offering is coming off that exchange and coming to the United States. It’s not so much an IPO but a secondary offering or an exact transfer.”

David Menlow, president of, said that Eros might need to pursue a reverse stock split to achieve the $15-$17 range it is hoping for on the NYSE.