Network 18 likely to list in range of Rs 320-355: Sharekhan

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Network 18 likely to list in range of Rs 320-355: Sharekhan

Broking house, Sharekhan has come out with report on Network 18 listing and is expecting Network18 to list in a range of Rs 320-355 per share.

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Broking house, Sharekhan has come out with report on Network 18 listing and is expecting Network18 to list in a range of Rs 320-355 per share.

The Sharekhan report on Network 18:

"Pursuant to the restructuring, Network18, the holding company of the TV18 group will get listed on the bourses on February 2, 2007. This completes the last leg of restructuring of the group that was necessary to comply with the regulatory guidelines."

Restructuring-flashback

"The TV18 group has restructured its various media properties in the television and Internet spaces. As part of the restructuring, Network-18 is the holding company for the group (to be listed on February 2, 2007). The group's broadcasting properties are arranged under two entities. TV18 India has its two business news channels CNBC TV18 and Awaaz while the general news and current affairs channels CNN-IBN and IBN-7 (45% stake) come under Global Broadcast News (GBN) (the company will be raising Rs 105 crore through a public issue) to be listed in February 2007."

"All the Internet properties of the group come under Web18 with TV18 India and GBN holding 85% and 15% respectively in Web18. In addition to this TV18 India also has the recently acquired Crisil Market Wire (renamed as 'Newswire18') and a ~40% stake in the broking joint venture (JV) formed with
Ambit Capital and Centurion Bank of Punjab. The holding company Network18 has a 51% stake in TV18 India and is expected to have a ~39% stake in GBN (post-GBN's IPO) whereas, TV18 India will have a ~17.6% stake in GBN. Network18 also has Studio 18 (the film production venture) and an ~80% stake in Home Shopping Network (HSN)."

"In lieu of every 10 shares held in TV18 the shareholder has been allotted 14 shares of TV18 India and 12 shares of Network18."

Valuation and view

"Network18 owns the hottest properties in the Indian media space. The proven abilities of the management in initiating new ventures, partnering with the best global brands, scaling them to competitive levels and monetising its properties
makes us all the more bullish on the prospects of the group."

"With Network18's presence across the news genres, endeavour to diversify its web universe, announcement of the foray into film production and the hot broking market, the company presents a unique opportunity to own the best
in the media space."

"We expect Network18 to list in a range of Rs 320-355 per share."

(Note: e-Eighteen.com, which owns moneycontrol.com is a subsidiary of Television Eighteen).