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Entertainment in the IPO market

Mar 7, 2000

A slew of media companies are slated to hit the IPO market over the next couple of months. Notable among them are Sun TV, NDTV, Nimbus, Creative Eye, Sagar Entertainment, ATN and UTV.The media sector is going through a massive transformation with content creators venturing into broadcasting and post-production, the broadcasters venturing into media marketing, pay channels as well as provision of distribution trolleys etc.

The valuations that media stocks have attracted the world over (Time Warner, Viacom, News Corp etc) as well as in India (Zee Television, Sri Adhikari Brothers, Crest Communications, TV 18) have led the media companies especially those catering to the Cable and Satellite market to tap the capital market for funding their ambitious plans.

While Creative Eye is already planning for a Rs. 1.20 bn IPO with the money to be used for creation of post–production facilities apart from production studios and a tele–shopping channel, Nimbus has plans for two television channels apart from radio broadcasting. The company has so far been engaged in media marketing apart from television programming. The Rs 2.31 bn issue is to be priced at around Rs 400.

With quite a lot of quality stocks tapping the IPO market, the primary market is in for good times. Also since all these companies are profit making this will give investors a chance to participate in good quality companies.

However, it is that the valuation of the individual stocks vis-à-vis their fundamentals and the success of their plans will be crucial for determining the gains that investors make.

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