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Certain reports have suggested that the satellite TV business of the Tata Group, Tata Play, could file its DRHP by the end of September 2022 to float its IPO, whose issue size is estimated to be between $300-400 million.
Tata Play Limited (TPL), which was formerly known as Tata Sky Limited, is a Joint Venture between TPL and 21st Century Fox. It was incorporated in 2001 and began operations in 2006. It is one of India's leading D2H services with Tata Sky being a household name today as it is the largest DTH player in India.
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It revamped its offerings as it changed its name in January 2022 & included OTT platforms in its Binge packs. It brings a range of diverse OTT apps like Amazon Prime Video, Disney+ Hotstar, SonyLIV, Zee5, Voot Select, Voot Kids, ShemarooMe, SunNxt, Hungama Play, Eros Now, CuriosityStream, EpicOn & Docubay to its customers in a single subscription.
Tata Sons holds 70% of the company, after selling a 10% stake to Temasek Holdings in 2008. Moreover, after Disney purchased 21st Century Fox in March 2019, it was also the owner of the balance stake in Tata Play.
It was first reported in August 2021 that Tata Play (Tata Sky at the time) was planning to go public. Several speculations have been going around about the IPO but the same have not been confirmed yet.
Reports suggest that the IPO could come in as early as the end of September 2022. Sources told Mint that the process of the IPO was initiated a year ago, but the same was set aside as the company rebranded itself and the markets were volatile.
Moreover, Temasek and Tata Capital are rumored to sell a part of their holdings as reports project the IPO to be a combination of Fresh Issue and OFS. Moreover, fresh reports suggest that Disney could also offload 10% of its shareholdings.
Article by Aman Agarwal.
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