Raheja group company Asianet Satellite files IPO documents
Thiruvananthapuram head quartered Asianet Satellite Communications ltd has filed DRHP for an IPO to raise Rs 765 Cr. The Offer comprises a fresh issue aggregating up to Rs. 300 crore and an offer for sale of up to Rs. 465 cr.
Object of the IPO : The Company proposes to utilise the Net Proceeds towards funding of 1. Repayment/ prepayment, in full or part, of certain borrowings availed of by the Company and its Material Subsidiary, Asianet Digital Network Private Limited; and 2. Capital expenditure towards continued expansion of its network infrastructure
The company is promoted by Viren Rajan Raheja and Akshay Rajan Raheja
About the Company : Asianet Satellite is one of the leading internet service providers offering broadband internet service and multi system operator (“MSO”) offering digital cable television services. It is predominantly present in Kerala, amongst other southern states. According to CRISIL report titled “Assessment of broadband and television broadcasting industry in India” dated December 2021 , it is one of the key ISPs in Kerala. Asianet Satellite was among the top three fixed broadband providers in the Kerala market and had a market share of approximately 19% in fiscal 2021 with 0.28 million wired broadband subscribers in the Kerala market .
Its cable television business, which is carried out by Asianet Digital Networks Pvt. Ltd. its wholly-owned subsidiary was among the top 13 MSOs/HITS operators in India as of June 2021 . It also has operations in Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Odisha and Maharashtra.
Established in 1992, Asianet Satellite started its business as a MSO offering cable television services. Leveraging the strong foundation, experience as well as cable network of its cable television business, it started to offer broadband services in 2000. Since then, its broadband business has been growing steadily