ULLU Digital, an OTT platform, has submitted a draft red herring prospectus (DRHP) to the BSE SME platform to secure funds through an initial public offering (IPO). It has been reported that the IPO is expected to raise approximately Rs 135-150 crore, making it the largest ever for an SME company. The offering consists of a fresh equity sale of 62.62 lakh shares with no offer-for-sale component.
Qualified institutional buyers are allocated approximately 50% of the offer, retail investors are given 35%, and non-institutional investors receive 15%. ULLU Digital is a streaming platform that operates as an over-the-top (OTT) service. Its primary focus is distributing, showcasing, exploiting, promoting, marketing, and delivering a wide range of content on its platform called “Ullu.” The application offers our viewers an extensive selection of web series, short films, and shows. It presents a blend of romance, drama, thriller, comedy, and various other genres to cater to the diverse preferences of its audience.
The funds raised through the initial public offering (IPO) will be allocated towards various purposes such as creating fresh content, acquiring international shows, recruiting additional personnel, and meeting the working capital needs. In the financial year ending September 2023, the company recorded a revenue of Rs 58.83 crore from its operations, with a profit after tax amounting to Rs 12.27 crore. Narnolia Financial Services has been appointed as the exclusive book-running lead manager for the IPO, while Skyline Financial Services will serve as the registrar.
