An India based company and the world’s largest satellite-based Digital cinema network UFO Moviez India Limited is planning to raise between $113 million to $129 million over its initial public offering later this year, a person familiar with the matter told Wall Street Journal.
Two private-equity firms would be the sellers in the share sale, the person said. London-based private-equity firm 3i Group PLC and Providence Equity Partners LLC., a private-equity firm based in the U.S., are “key investors” in UFO Moviez, the Indian company’s website said Tuesday.
A 3i spokeswoman in London declined to comment, and a Providence spokesman in Delhi wasn’t reachable. A UFO Moviez spokeswoman in Mumbai declined to comment.
Recent buoyancy in India’s capital markets has given Indian firms confidence to raise money there. The 30-stock benchmark S&P BSE Sensex is up 25% this year as investors have been encouraged by business-friendly measures promised by the government that came to power in May.
The UFO Moviez share sale is the latest example of private-equity investors seeking to cash in on the recent upswing in capital markets by exiting investments.
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