Ullu Digital IPO: OTT platform files DRHP to raise funds
OTT or over-the-top refers to television and film content that can be viewed using an internet connection instead of a satellite service or cable connection.
Over-the-top (OTT) streaming platform Ullu Digital has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). According to reports, the OTT platform aims to raise around Rs 135-150 crore.
The Ullu platform has proposed to raise funds via fresh issue of up to 62,62,800 equity shares. The company's DRHP, filed with the BSE SME, does not have any offer for sale (OFS) component.
"The issue size comprises of fresh issue of 62,62,800 equity shares of face value of Rs 10," the company said in DRHP.
The OTT platform aims to use the fresh funds to generate new content, hire more staff, and purchase international shows, among others.
Founders Vibhu Agarwal and Megha Agarwal own 95 per cent shares in the company, according to the DRHP.
Zenith Multi Trading DMCC has a 5 per cent stake in Ullu, according to the report.
OTT or over-the-top refers to television and film content that can be viewed using an internet connection instead of a satellite service or cable connection. The platform generated Rs 58.33 crore in revenue from operations with a profit of Rs 12.28 crore for the period of April-September in the current fiscal year (FY24).
As of September 2023, the company has 20,92,975 subscribers. Ullu's revenue from operations grew two-fold to Rs 93.1 crore in FY23 as compared to Rs 46.8 crore in FY22.
The platform saw its profits increase to Rs 15.1 crore in FY23 as compared to Rs 3.9 crore in FY22.
With agency inputs
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