According to people familiar with the situation, Tata Group’s Tata Play, formerly known as Tata Sky, is expected to file a draft prospectus for its IPO later this month.
The public offering of shares must cost at least $300 to $400 million, according to the report.
Tata Sky launched its services in 2004 as an 80/20 joint venture. The company is a joint venture between Rupert Murdoch’s 21st Century Company which owns 30% stake and Tata Sons, which owns a 70% stake. In 2008, Tata Sons sold a 10% stake to Singapore-based Temasek Holdings, while The Walt Disney Company purchased a 20% investment from 20th Century Fox.
As part of its so-called Binge bundle, the platform added Netflix to 13 OTT services, including Amazon Prime Video and Disney+ Hotstar.
The company intends to generate revenue from the proposed IPO, and backers Temasek and Tata Capital will sell some of their shares in the business.
Compared to a previous year profit of Rs 68.75, Tata Play reported a profit of Rs 68.6 crores in FY22.