In what’s being hailed as a milestone in the Indian OTT space, OTT streaming platform Ullu Digital has filed its draft red herring prospectus (DRHP) with the BSE SME for an initial public offering (IPO).
As per the draft papers, the company’s IPO comprises a fresh issue of 62.63 Lakh shares but has no offer for sale (OFS) component. Ullu Digital is looking to raise INR 135-INR 150 Cr via the IPO, which, if approved, would become the biggest SME IPO to date.
The platform plans to use the net proceeds raised via the IPO to meet its expenses for the production of new content, purchase of international shows, tech investment, and the working capital requirements.
The Mumbai-based OTT platform plans to deploy the net proceeds of the IPO for the production of new content, purchase of international shows, purchase of state-of-the-art equipment and hiring of staff, working capital requirement, and other general corporate purposes.
Ullu operates on a subscription-based model and has weekly, monthly, and annual subscription plans. This adult streaming platform has over 20lakh subscribers and has grown tremendously in the last couple of years.
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