Ullu Digital, an over-the-top streaming platform, has filed draft papers with the BSE SME to raise fund through an initial public offering (IPO).
Sources said the company is looking to raise Rs 135-150 crore through the IPO, which will be purely a fresh issue of around 62.6 lakh shares.
If the approved, it will be the biggest ever SME IPO in terms of size.
The Spectrum Talent Management offer which raised Rs 105 crore is the largest IPO in the SME segment. Aashka Hospitals which garnered Rs 101.6 crore comes next, Baweja Studios (Rs 97 crore), Khazanchi Jewellers (Rs 97 crore) and Wise Travel India raised Rs 94.7 crore, data from Chittorgarh.com shows.
The Mumbai-based OTT platform engages in the distribution, exhibition, promotion, marketing and delivery of diverse content on its platform/app Ullu, which offers web series, short films and shows.
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The Vibhu Agarwal and his wife Megha Agarwal-owned firm, which competes with listed entities like Zee Entertainment Enterprises and Shemaroo Entertainment, is planning to spend Rs 30 crore of the proceeds for production of new content, Rs 20 crore for purchase of international shows, and Rs 15 crore for investment in technology.
A sum of Rs 50 crore will be used to meet working capital requirements of the company and the remaining funds will be used for general corporate purposes.
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Vibhu and Megha Agarwal own 95 percent stake in Ullu, with the remaining 5 percent shares held by public shareholder Zenith Multi Trading DMCC.
Narnolia Financial Services is the merchant banker for the issue.
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