TV content producer Nimbus Communications has filed for a Rs 182-crore ($38.97 million) initial public offering with the Securities & Exchange Board of India, and plans the float in February.
The funds are being raised to increase content for television and the Internet, for media management, for setting up two channels and making motion pictures and music albums. The 13-year old Nimbus had been planning to tap the markets for some time, but had postponed its entry because of volatile market conditions.
Nimbus has a joint venture with the UK-based World Sports Group to handle the distribution, production, management, sponsorship of worldwide cricket events and all sports in South Asia. Nimbus produces 18 hours of content per week and has a library of over 3,500 hours.